International

It would take Nigeria 300 years to build world class infrastructures according to the World Bank

Nigeria’s capacity to develop the kinds of infrastructure for which it is currently looking for finance was recently evaluated by the World Bank.

The analysis reveals that Nigeria’s infrastructure is not up to par at the moment and that significant investment would be required to bring it there. It also pointed out that there is a significant disparity between the country’s infrastructure needs and its borrowing levels.

The Nigerian government has previously defended its borrowing costs by claiming that the money would be utilized to construct cutting-edge infrastructure.

Muhammadu Buhari, the president of the nation, provided an explanation of his thinking behind the borrowing by the Nigerian government last month. He claimed that in order to build the infrastructure necessary to expand the country’s economic opportunities, the government needs assistance from abroad.

Through sustainable and transparent borrowing, enhanced capital inflow, and higher revenue production through the expansion of tax bases as well as careful management of investment proceeds in the Sovereign Wealth Fund, we have also continued to expedite the construction of our infrastructure. said the president.

However, the World Bank has disclosed that Nigeria’s physical infrastructure gap would likely reach $3tn in the next 30 years, and at this rate, it would take the country 300 years to close the infrastructure gap, which would cost the country 4% of its yearly GDP.

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