With its stock estimated at 20 per cent of Gross Domestic Product , Nigeria’s infrastructure stock is still a far cry from the 70 per cent of GDP internationally recommended.
Vice President Yemi Osinbajo is hopeful the InfraCo, which is seeking N15 trillion funding in addition to N1 trillion equity contribution of the Central Bank of Nigeria, the African Finance Corporation , and the Nigeria Sovereign Investment Authority will address the infrastructure needs of the country.
The first option, of course, is the cheapest and safest. But no single state has the capacity to bring its infrastructure to the standard required to support inclusive economic growth with its revenue. Last year’s total internally generated revenues of all the states and the Federal Capital Territory were N1.3 trillion. The figure is 42 per cent of recurrent expenditure of the states, which a previous report by The Guardian estimated at N3.1 trillion. The recurrent expenditure is about N.
While many states are seeking an appropriate option for funding their infrastructure needs, Lagos State Government recently closed bids for its N125 billion 10-year bond at N137.3 billion. The state set out to raise N125 billion from the capital market under its N500 billion bond programme, but the offer was oversubscribed.
The governor said the flagship projects would contribute to a better quality of living for the residents while also creating a more enabling environment for commercial and economic activities, stressing that the state had achieved a “milestone adding in the domestic debt capital markets, with the issuance of the largest bond ever by a sub-national government in Nigeria”.
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