BY JONAH NWOKPOKU

Mayor Rotimi Adebari, a Nigeria born Irish Politician, has stressed the need for Ogun State government to build critical infrastructure if it must attract the right kind of foreign investments.

He stated this while delivering a keynote address at the Ogun State Indigenes Forum held in Abuja recently.

Speaking on ‘Investment in infrastructure and its importance to Economic and social development in Ogun State’ Adebari decried the inadequacy and decay of infrastructure in the country, saying that for the country to move forward and improve standard of living, right infrastructure must be developed and existing ones in poor shape fixed.

He said: “Our country suffers from underdeveloped road and rail systems, rudimentary and unstable electricity supply, poor pipe borne water-supply and sanitation systems. Research has shown that when infrastructural projects are completed, it helps increase society’s wealth and its citizen’s standard of living. I am not in doubt that the ongoing infrastructure investments efforts of Ogun State government e.g. rebuilding roads and constructing bridges will improve citizen’s standard of living when completed.

“It is important to note that infrastructure has a bearing on a state’s attractiveness to foreign investors and on its ability to compete with other jurisdictions. It includes the basic services and facilities required for businesses to compete and grow. Business requires infrastructure; therefore, business growth can be limited by poor infrastructure development. Surveys by The World Bank reveal investors citing reliable infrastructure as an important consideration in their investment decisions.”

He emphasized that infrastructure is a key measure of a country’s position on the global stage, adding that, ‘it is the second pillar that is assessed by the World Economic Forum when determining the competitiveness of a nation (institutions, being the first).”

Explaining further, Adebari further noted that, “research has shown that well designed infrastructure investments can raise economic growth, productivity and land values, while also providing significant positive spillover to areas such as economic development, energy efficiency and public health. It goes without saying that poorly planned, non-strategic, infrastructure investments are not only a waste of resources, but can negatively impact future economic growth. With limited funding available, it is important to select investments that will provide the greatest return, be it economic or social.”