FG to invest massively on power, roads, rail

The Federal Government is set to invest massively on infrastructure across the country, especially on power, roads and rail.

Vice President Yemi Osinbajo made this know during an interview with Bloomberg. “We’re going to be investing quite massively on infrastructure, especially power, roads and rail, and of course we’re going to be investing in agriculture as well,” Osibanjo said.

“I want to set up a fund, an infrastructure fund, which will benefit from both public sources, which is government sources, and concessionary funding, a mix of funds, and then of course private sector funds,” he said.

Infrastructural deficit has made the country suffer low level of productivity.

According to the African Development Bank (AfDB), Nigeria’s core stock of infrastructure is estimated at only 20-25 percent of GDP, compared with 70 percent for other middle-income countries of its size, leaving a gaping infrastructure deficit of $300 billion.

Many roads are totally impassable after few days of heavy rainfall cutting off some communities completely from being accessed. Even when commuters offer to pay higher fares, many commercial motorists refuse to go to such communities for fear that their vehicles would sink.

Kemi Adeosun, former commissioner of finance, Ogun State, said during the ministerial screening of the Senate, that “constraints holding business from growing is infrastructure. The country is not going to create jobs if the roads, power and rails are not working.

“Nigeria needs to stimulate the economy by investing in infrastructure that will help the nation avoid recession.”