Inadequate Infrastructures bane of Nigeria’s economic growth –Works Minister

The Nigeria’s Minister of Works Mike Onolememen says Nigeria cannot be among the first 20 economies in the world with the current level of infrastructures, just as he added that the Federal  Government is ready to partner with genuine investors in critical sectors of the economy.

Addressing Participants at the ongoing US-Nigeria Infrastructure conference in Washington DC, the works Minister noted that Nigeria’s vision 20:2020 avails investors huge opportunities to invest in the

country.

“A look at some of the statistics would indicate the inadequate of infrastructure in Nigeria. In the road sector for example, Nigeria has a total of about 200,000 km of road, out of which only 40,000 km are

paved. Comparing this figure to those of the United states of America (6.5m km), India (4.1m km) China (3.8m km), Brazil (1.7m km), and South Africa (362,099 km), enables better appreciation of the enormity of the challenge.

“No doubt the reality of our nation today is that there is a yawning gap in infrastructure in Nigeria…this pervades through the various sectors, from power to roads, from rail/water to air transportation, from mining to water resources, and from ICT to housing.” he stated

The minister further assured investors that the Federal government of Nigeria has put in place necessary legal frame work and incentives to protect them and to also guarantee returns on their investments.

In his own presentation, the Minister of state for Trade and Investment, Dr. samuel ortom explained that some of the incentives put in place by the federal government have started yielding results.

His words “Available statistics indicate that Nigeria is now the preferred destination for investment in Africa. 

“According to the latest report by the United Nations Conference on Trade and Development (UNCTAD), Nigeria ranked 1st in Net FDI inflow in Africa (at $8.91billion in 2011, compared to $6.09 billion in 2010 thus representing a 46% increase).

“The World Economic Forum’s latest Global Competitiveness report shows that Nigeria’s competitiveness is also improving as shown in the current ranking of 115th position from the 127th position in the previous ranking

October 12, 2012