Nigeria spends $10 billion (N1.58 trillion) on infrastructure annually, said Adekunle Oyinloye, managing director, Infrastructure Bank. This figure, according to him, represents four percent of the nation’s Gross Domestic Products (GDP) which stood at $250 billion.
Oyinloye, who disclosed this in Lagos on Thursday at a forum of the Business Club Ikeja (BCI) while delivering a lecture on ‘A Roadmap for the Transformation of Nigerian Infrastructure for Enhanced Productivity’ said this figure was small when compared with China which spent 12 percent of its GDP of about $7.3 trillion on infrastructure annually.
The bank chief said that there is the need to identify the problems associated with infrastructure deficit and proffer solutions on systematic basis. According to him, the country needs to do more in channeling resources into infrastructure spending, which, he added, could translate to provision of more infrastructure in future.