Buhari says Nigeria need $1.5trn to bridge infrastructure gap

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President Muhammadu Buhari says 1.5 trillion dollars is needed by Nigeria over a ten-year period, to achieve an appreciable level of the National Infrastructure Stock.

He gave the figure yesterday in Glasgow, Scotland at a high-level side event on improving global infrastructure hosted by President Joe Biden of the United States, European Union Commission President, Ursala Von Der Leyen and the UK Prime Minister, Boris Johnson.

The President’s spokesman, Garba Shehu, in a statement yesterday in Abuja, quoted the president as saying that Nigeria is ready for investments in infrastructural development in the country.

He also declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid lifting 100 million Nigerians out of poverty by 2030.

The president welcomed the G7 countries for their ground-breaking plan to mobilize hundreds of billions of dollars of infrastructure investment for low- and middle-income countries.

Meanwhile, President Muhammadu Buhari has pledged that Nigeria will cut its emissions to net zero by 2060.

The President’s spokesman, Garba Shehu, in a statement, said Buhari revealed this yesterday while delivering his national statement at a Leaders’ Summit in Glasgow, Scotland.

The president said that attaining national and global climate change goals would require adequate and sustained technical and financial support to developing countries.

President Buhari noted that easier access to climate finance had become imperative in view of the COVID-19 pandemic, which really battered the economies of developing countries.

While making a case for gas-based energy transition in Nigeria, President Buhari requested international partners to finance projects using transition fuels such as gas in Nigeria.

While acknowledging that net zero ambition can lead to economic transformation across all sectors, the president said it would require critical infrastructure to be in place.