Nigeria is intensifying efforts to attract private investment to its infrastructure sector as the country grapples with a widening funding gap estimated at $2.3 trillion.
According to data from the Africa Infrastructure Development Index, Nigeria will require sustained investment of about $100 billion annually between 2020 and 2043 to bridge the deficit, which experts say continues to slow economic growth and development.
Speaking on the sidelines of the Global Infrastructure Forum at the ongoing meetings of the International Monetary Fund and World Bank in Washington, D.C., the Director-General of the Infrastructure Concession Regulatory Commission, Dr. Jobson Ewalefoh, said the scale of the challenge makes private sector participation indispensable.
He noted that about 70 percent of the required funding must come from private investors, stressing that public resources alone are insufficient to meet the country’s infrastructure needs.
Ewalefoh explained that public-private partnerships (PPPs) remain central to the government’s strategy, with plans to develop bankable projects and establish a strong pipeline capable of attracting both local and international investors.
He highlighted the scale of investment required across key sectors, revealing that the energy sector alone needs about $759 billion, while transport infrastructure requires approximately $595 billion. Other sectors, including ICT, healthcare, education, and agriculture, also demand significant capital, underscoring the breadth of the deficit.
The ICRC boss said efforts are underway to design financing structures that reflect Nigeria’s economic realities, particularly the limited appetite for long-term investments and prevailing risk concerns.
He added that reforms aimed at reducing bureaucratic bottlenecks and improving policy consistency are being implemented to boost investor confidence, noting that capital typically flows to environments with lower risks and fewer barriers.
According to him, the Global Infrastructure Forum provides a platform for Nigeria to engage with donors, lenders, and investors, positioning the country as an attractive destination for infrastructure financing.
Ewalefoh pointed to Nigeria’s large population and market potential as key advantages, while reiterating the government’s commitment to unlocking investment opportunities across critical sectors.
He also referenced the Nigeria Integrated Infrastructure Master Plan, which prioritises energy, transport, and ICT as core areas, collectively accounting for about half of the country’s infrastructure needs, while stressing that social sectors such as healthcare, education, and agriculture must not be overlooked.
