By Babajide Komolafe

Financial experts have called for massive investment in socio economic infrastructure so as to sustain the rebased gross domestic product (GDP) of the country. They spoke at a finance conference organised by Lagos Business School (LBS), with the theme, “Resilience of the  Nigerian Financial Industry in the Face of Changing Global Circumstances.”

Managing Director/Chief Executive, Financial Derivative Company Limited (FDC), Mr. Bismarck Rewane noted that though rebasing has made Nigeria the largest economy in Africa, the infrastructure base of the country has not changed in the last 20 years.

He said, “The reality is that the lesson from the GDP rebasing is like we have just come back from an x-ray. What the rebasing has done is to tell us much more accurately, what the structure and size of the economy is.
“The infrastructure base in 1990 is probably the same infrastructure base that you have today. The same kilometre of roads we had as at 1990, it is still the same amount of roads tarred today.

Between 1990 and today, only one bridge has been built in Nigeria and that is the Lekki-Ikoyi bridge. Between 1990 and today, no new refinery has been built. Between 1990 and today, no new port or port rehabilitation has taken place. Between 1990 and today, not one rail line or rail infrastructure has been built. Between 1990 and today, we have few scattered IPP power projects. We are still at 3,800 megawatts. So, power, roads, bridges, ports, refineries with 400 universities.”

He advised the government and financial institutions to focus on sectors that would build infrastructure. “The infrastructure gaps are so glaring that you cannot use the infrastructure of a $100 billion GDP economy, to run an economy of $510 billion GDP. If you are 20 years old, you can’t wear trousers of a nine-year old.So the winners are those who invest in infrastructure, institutional, physical and otherwise.”