Emma Ujah, Abuja Bureau Chief
The African Development Bank (AfDB) has commenced an aggressive search for funds to meet the wide infrastructure gap in Nigeria.

Akinwunmi Adesina, President, AfDB

AfDB Nigeria’s Senior Director, Mr Ebrima Faal, said at the Africa Investment Forum (AIF) Roadshow, in Abuja, yesterday, that the nation’s infrastructure deficit could grow to $3 trillion by 2044.

According to him, “over the last decade, and despite impressive growth rates in most of the continent, Africa’s infrastructure needs remains formidable with annual financing gap between 107 and 130 billion dollars annually.”

“Nigeria’s infrastructure cumulative financing needs are estimated to reach 3 trillion dollars by 2044 or about 100 billion dollars annually.This is all happening at a time when public sector finances are extremely pressured.”

He said that with the level of population growth in the Nigeria and on the continent, investors in infrastructure in the country and other parts of Africa would enjoy high returns.

“As an African optimist, therefore, I dare say that there has never been a better time to invest in Africa’s infrastructure asset class, while ensuring a diverse source of resources, water-tight project preparation and a strong business case.

“The business opportunity in this regard, is further strengthened by the many positive factors which are now converging to mitigate risks and drive high returns on investment and economic prosperity. Presently, the Bank and its partners have in place a number of financial and advisory products that help ease up the risk profile of a project and host country,” he said.

The Senior Director promised to work with multilateral institutions and the private sector, to help Nigeria to develop investment-ready projects for investors, fund managers and others, at an up-coming investment forum in South Africa.

Also speaking, the Co-ordinator of Economic Recovery and Growth Plan (ERGP) Mr Folarin Alayande, said that the Federal Government has identified some priority infrastructure projects that would attract investors.

Some of them, he said, were in such sectors as agriculture, transportation, Power and Gas Supply.