According to Coronation Group, private sector is crucial for building infrastructure in the country and worldwide.
Coronation Group recently released its first infrastructure report which included this statement.
The report suggests that private investment can help fill funding gaps and enable infrastructure projects, leading to innovation, job creation, and economic activity especially with limited public resources.
Aigbovbioise Aig-Imoukhuede, the Managing Director of Coronation Asset Management, emphasized the significance of the report, saying it would encourage discussions on infrastructure financing across Africa.
He stated,“Infrastructure plays a critical role in driving economic growth and societal development, and this report sparks informed discussions. By highlighting the challenges and opportunities in infrastructure financing, it sets the stage for efforts to address Africa's infrastructure needs and unlock its full potential.”
Guy Czartoryski, Head of Research at Coronation, highlighted the strong commitment in the infrastructure report to provide comprehensive insights into infrastructure investment.
“By carefully analyzing the complex dynamics of infrastructure investments, the report serves as a source of knowledge, guiding stakeholders through the intricacies of infrastructure financing across the continent,” he said.
The report explained how private sector investments were transforming infrastructure development.
It emphasized the importance of private sector involvement in funding infrastructure projects and the significant role of infrastructure investments in driving economic growth and societal progress.
The report also identified the main challenges and opportunities in infrastructure development, offering valuable insights to stakeholders.
From aging infrastructure to new technologies, the report covered a range of sectors and provided practical solutions and best practices to drive progress forward.
Experts stated that Nigeria needs $100bn to $150bn each year over the next 30 years to close its infrastructure gap.
Dataphyte estimated it at $2.3tn, and Agusto & Co, and the World Bank estimated it at $3tn.
In 2020, Nigeria ranked 24th out of 54 African countries in the Africa Infrastructure Development Index with 23.26 points; Egypt ranked second with 88.3 points, and Libya ranked third with 82.9 points.