The Federal Government says that in order to attain its National Development Plan and improve Nigeria’s economic outlook, it will require N298.3tn capital investment commitment from the private sector.
It says the total investment needed between 2021 and 2025 is N348tn, but only N49.7tn (14.3 per cent) is expected to come from the government while the rest will come from private sector players in the economy.
President Muhammad Buhari disclosed this while speaking at the Nigeria International Economic Partnership Forum held on the margins of the 77th UN General Assembly in New York.
FG Govt Eyes N298tn Five-Year Private Sector Investment
A statement from the Presidency said Buhari, who was represented at the opening session by the Chief of Staff, Prof. Ibrahim Gambari, had noted that important strategies were being adopted to improve infrastructure financing in the country.
According to him, the strategy aimed to identify ways to expand the financing envelope of the Sustainable Development Goals in Nigeria, and improve the nation’s economic and development outlook, such as Nigeria’s National Development Plan (2021 – 2025) and the Presidential Power Initiative.
”To attain the objectives of the National Development Plan (2021 – 2025), we estimate that we would require an investment commitment of about N348tn.
Government capital expenditure during the period will be N49.7tn (14.3 percent) while the balance of N298.3tn (85.7 percent) is expected from the Private Sector.
“Of the 14 per cent government contribution, FGN capital expenditure will be N29.6tn (8.5 per cent) while the Sub-National Governments’ capital expenditure is estimated to be about N20.1tn (5.8 per cent).
“The successful implementation of this Plan will, therefore, be heavily dependent on strong partnerships between the private and public sector, both within and with Development Partners outside Nigeria.”
Source: Punch Newspaper