Nigeria Needs $3 trillion Investment in 30 Years to Close Infrastructure Gap – Abbas

By Moses Idika On Oct 23, 2024 10 0

Press

Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Tuesday disclosed that Nigeria needed to invest $3 trillion over the next 30 years to bridge the gap in infrastructure.

He also said that road network, power supply, housing, healthcare, and education sectors are some of the critical areas in urgent need of attention.

Speaker Abbas made the disclosure at the flag-off ceremony for the construction of the access road from ring road 1 by N16 to Judges’ Quarters in Abuja.

Represented by the Deputy Speaker, Hon. Benjamin Okezie Kalu, the Speaker said that the infrastructure deficit in the Federal Capital Territory (FCT) is more glaring as the city’s population continued to grow at an annual rate of 5%, thereby putting pressure on the existing facilities.

He however commended the administration of President Bola Ahmed Tinubu for prioritising infrastructure development.

Speaker Abbas also assured that the House will give the necessary legislative backing to the FCT administration, more so, strengthen its oversight functions to ensure that the government delivers on its determination to elevate the status of Abuja.

He said: “It is common knowledge that Nigeria, like many other developing nations, has an infrastructure deficit. According to recent estimates, Nigeria needs to invest about $3 trillion over the next 30 years to close the infrastructure gap and achieve the level of development required for sustained economic growth. The road network, power supply, housing, healthcare, and education sectors are some of the areas in urgent need of attention.

“Here in Abuja, the infrastructure deficit is more glaring as the city’s population continues to grow at an annual rate of 5%. This puts pressure on existing facilities and highlights the need for more access roads, housing, and essential services to cater to the needs of residents.

“Under the leadership of President Bola Ahmed Tinubu, there have been commendable initiatives aimed at addressing this infrastructure deficit. These initiatives show that the government understands the role infrastructure plays in national development and is committed to making the necessary investments.

“As the legislature of the FCT, the National Assembly has an important role to play in supporting these development efforts. The 10th National Assembly, which I am privileged to lead, is fully committed to collaborating with the Executive to ensure that the FCT receives the necessary legislative backing to facilitate infrastructure development. We are ready to consider and pass laws that will further enhance the governance structure of the FCT and approve appropriations that will make meaningful infrastructure projects, such as this road construction, a reality.

“Additionally, the National Assembly will continue to exercise its oversight functions to ensure that projects are implemented according to standards and within stipulated time frames”.

Speaker Abbas also commended the Minister of the FCT, Nyesom Wike for his transformative leadership since assuming office.

“The Honourable Minister has hit the ground running, initiating projects that address the critical needs of this growing city. From road construction to urban renewal programmes, his dedication to enhancing the infrastructure of the FCT is evident. We have witnessed several flag-offs, not just as ceremonial acts, but as milestones in the commitment to make Abuja a world-class city.

“The ongoing rehabilitation of major roads, the clearing of illegal structures, and the focus on environmental sustainability are all testaments to the Honourable Minister’s vision of an Abuja that is not only beautiful but functional and efficient. I am confident that with the completion of this access road and other ongoing projects, residents and visitors alike will experience the positive impacts of these developments”, Speaker Abbas said.