Private sector key to infrastructure development – Report

Coronation Group has said that the private sector is critical in the development of infrastructure in the country and globally.

This was stated in the maiden infrastructure report released by the firm recently.

The report said that with the dwindling public resources, private sector investment would be a solution for bridging funding gaps and unlocking infrastructure projects, leading to innovation, job creation, and stimulating economic activity.

The Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, captured the significance of the maiden Coronation Infrastructure Report, saying it would foster dialogue on infrastructure financing across Africa.

“With infrastructure playing a critical role in driving economic growth and societal development, the report catalyses informed discussions. By shedding light on the challenges and opportunities in infrastructure financing, it lays the groundwork for efforts to address Africa’s infrastructure needs and unlock its full potential,” he said.

The Head of Research at Coronation, Guy Czartoryski, pointed out the profound commitment embedded within the infrastructure report to deliver comprehensive insights into the infrastructure investment landscape.

“By meticulously analysing the intricate dynamics of infrastructure investments, the report serves as a beacon of knowledge, guiding stakeholders through the complexities of infrastructure financing across the continent,” he stated.

The report explained how private sector investments were reshaping the landscape of infrastructure development.

It stressed the importance of private sector participation in funding infrastructure projects and the pivotal role that infrastructure investments play in driving economic growth and societal advancement.

The report also identified the key challenges and opportunities within infrastructure development, providing invaluable insights to stakeholders.

From ageing infrastructure to emerging technologies, the report navigated through a spectrum of sectors, offering practical solutions and best practices to propel progress forward.

Experts said Nigeria needed between $100bn and $150bn annually over the next 30 years to close its infrastructure deficit.

Dataphyte estimated it at $2.3tn, and Agusto & Co, and the World Bank put it at $3tn.

Nigeria ranked 24th in 2020 out of 54 African countries in the Africa Infrastructure Development Index with 23.26 points; Egypt was second with 88.3 points, and war-torn Libya was third with 82.9 points.