Nigeria needs N2.2 trillion yearly for infrastructure development —Aganga

[TheNation]

  Aganga  Nigeria has to invest $14.2 billion (about N2.215 trillion) annually on infrastructure over  the next decade if it must achieve its development targets, Trade and Investment Minister Olusegun Aganga, has  said.



In a key-note address at a gala night for the unveiling of the new identity and logo of Urban Development Bank of Nigeria (UDBN) Plc, in Abuja, Mr. Aganga stressed the need for the generation of international investment in key sectors of the economy “to meet this steep requirement”.

The bank’s new name and logo – Infrastructure Bank PLC – was unveiled by the Minister of State for Finance, Dr. Yerima Ngama.



Aganga said the bank “can play a catalytic role’’ in the expansion of the economy by reducing substantially the nation’s current infrastructure deficit.



“Of course, you will agree with me that eliminating, or even just narrowing infrastructure deficit will add at least four per cent to the GDP growth of the country,” he added.



In order to ensure optimum efficiency, the minister stated that the bank had been re-aligned along the lines of “such global successes like the Development Bank of South Africa (DBSA) and Indian Development Finance Corporation (IDFC).’’



Aganga also said that the bank will work closely with the Infrastructure Concession Regulatory Commission (ICRC), pension funds, other financial institutions and all relevant ministries, departments and agencies to achieve its goal of closing the national infrastructure gap through financing long term assets.



In his own remarks, Dr. Ngama expressed the hope that the change in the name of the bank will meaningfully translate into better operational strategies for the transformation of the nation’s infrastructure.



Earlier in an address, the bank’s Managing Director, Mr. Adekunle Oyinloye, said that the new name of the bank was a bold step to create a new brand identity which, he noted, more accurately represent its philosophy and ambition for the future.



Among dignitaries at the occasion were the Managing Director of Bank of Industry, Ms Evelyn Oputu, the Olofa of Offa, Oba Mufutau Gbadamosi and former Deputy Governor of Osun State, Prince Adesuyi Hasstrup.



TheNation