The Minister of National Planning (NPC), Dr. Abubakar Sulaiman, yesterday said the implementation of the National Integrated Infrastructure Master Plan (NIIMP) would create about 25 million jobs in both the agricultural and mining sectors of the economy within the next 30 years.
He said an additional 600,000 jobs were expected to be created in the construction segment to aid the maintenance and expansion of existing infrastructure within the next five years.
Speaking in Abuja at a press briefing on the partnership for the implementation of the NIIMP, he said the plan aims to boost Nigeria’s infrastructure stock to at least 70 per cent of Gross Domestic Product (GDP) from the current 25 per cent as well as identify the investment required to bridge and expand infrastructure in the country.
He also said having entered into a strategic partnership with the African Infrastructure Summit Group (AISG) and the Initiative for Infrastructure and Modern City Development (IIMCD), investment opportunities of the plan would be promoted through series of activities including an annual infrastructure summit beginning this month in Lagos.
Sulaiman said the summit would provide a unique, dynamic and interactive platform for global infrastructure decision-makers including representatives of national and sub-national governments, infrastructure developers, bankers, private industry leaders as well as investment and trade agencies.
He added that the deep-dive sessions of the summit were also expected to offer networking opportunities among stakeholders to generate huge investment interest in the country’s infrastructure.
He said unlike previous policy summersaults, the NIIMP is sure to succeed given the political will and buy-in from Nigerians who made significant inputs in the development of the blueprint.
He urged all Nigerians to support the policy in the general interest of the nation.
The NIIMP is a policy document of the federal government for accelerated infrastructure development and is seen as a landmark achievement of the present administration as it sets the path to economic prosperity and improved well-being.
Also speaking at the occasion, Principal Consulting artner, African Infrastructure Summit Group (AISG), Mr. Onuoha Nnachi, said Nigeria would need to increase investment in infrastructure from the current $10 billion per annum to $15.9 billion per annum in 2014 and $51.1 billion in 2018 averaging $33 billion per annum or 5.4 per cent of GDP over the next five years.
According to him, the investment rate should further increase to 7.8 per cent of GDP between 2019-2023 and remain above 7 percent of GDP for the rest of the 30-year plan until 2043.
Giving an investment requirement across the country, he said the North-west would require $481 billion; North-east-$316 billion; North-central-482 billion; South-west-$717 billion; South-east-$419 billion and South-south-$585 billion.
He said the summit would seek to explore alternative options to funding infrastructure including pension assets.
[Credits: James Emejo, ThisDay]