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The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the Federal Government needs $100bn annually to address the nation’s infrastructure deficit.
Emefiele, disclosed this while making his presentation at the 30th annual conference organised by finance reporters in Lagos State on Saturday.
He also noted that interventions introduced to minimise the impact of COVID-19 on the economy contributed about 3.5 per cent of the country’s Gross Domestic Product.
The conference has “Financing Infrastructure and SMEs for Inclusive Growth in Post-COVID-19 Economy”, its theme.
Emefiele, who was represented by the bank’s spokesperson, Osita Nwanisobi, said, “In Nigeria, the current level of infrastructure deficit is a major constraint to economic development and attainment of growth average rate of at least five to seven per cent required to boost productivity and sustainable growth for businesses.
“According to the World Development Indicators (2019), 56.20 per cent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018.
“While infrastructure deficit in Nigeria is estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about $100bn annually to address the nation’s infrastructural deficit.”
On the COVID-19 interventions contributing about 3.5 per cent of the GDP, Emefiele said, “Given the above of the COVID-19 pandemic on key economic variables, the Central Bank of Nigeria took a number of measures to mitigate the long-term effects on the growth prospects of the economy.
“First, policy measures were introduced to restore stability in the economy by supporting households that have been severely affected by the pandemic.
“Also, targeted interventions were introduced to support critical sectors, such as agriculture, manufacturing, energy, and health
