Publications
November 3, 2017
Infrastructure Financing In Nigeria:
Similar to most sub-Saharan
African (SSA) countries, Nigeria has a huge infrastructure deficit which
considerably limits efforts towards achieving inclusive growth, sustainable
development, and poverty reduction. With infrastructure stock estimated at
20-25 per cent of Gross Domestic Product (GDP), Nigerias infrastructure stock
is still significantly lower than the recommended international benchmark of 70
per cent of GDP. The 2014 National Integrated Infrastructure Master Plan (NIMP)
estimates that a total of US$ 3 trillion of investments, or US$100 billion
annually, is required over the next 30 years to bridge Nigerias infrastructure
gap. In particular, the Plan estimates that Nigeria will have to spend an
annual average of US$ 33 billion infrastructure investments for the period 2014
-2018. This means that Nigeria will have to more than double its spending on infrastructure
from the current 2-3 per cent of GDP to around 7 per cent to make appreciable
progress in infrastructure development over the next three decades.
Related
Nigeria Economic Update(Issue 31)
Recent data on Consumer
Price Index (CPI) indicates significant increase in general price level for the
sixth consecutive month. Headline inflation increased by 0.9 percentage points from
15.6 per cent recorded in May to 16.5 percent in June the highest
rate recorded since October 2005 (an 11-year high). The core sub-index
increased from 15.1 percent to 16.2 percent while the food sub-index stood at
15.3 percent, an increase of 0.4 percent from the preceding month of May. Higher
prices of domestic/imported food and other items, as well as increased energy
cost were major drivers of the increase. This is probably explained by the
exchange-rate pass-through, given the significant depreciation of the naira.
Transparency Deficits In The Disclosure Of Oil Sector Information In Nigeria
This brief examines the challenges in the discharge of
statutory transparency roles by strategic regulatory institutions in the oil
sector and also identifies policy interventions to improve access to
information on key oil sector processes and transactions.