Nigeria Needs $2.3trn In 23 years To Fix Infrastructure Gap – Commission

The director general of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, said that the country had intensified efforts to bridge its infrastructure deficit, estimated at $2.3 trillion between 2020 and 2043.

Speaking with journalists on the sidelines of the ongoing International Monetary Fund (IMF)/ World Bank 2026 Spring Meetings in Washington, D.C., Ewalefoh said Nigeria requires about $100 billion annually for the next 23 years.

Ewalefoh, while commenting on the Global Infrastructure Facility, a G20 initiative, said that Nigeria’s current budgetary allocations fall short, making private-sector participation through Public-Private Partnerships (PPP) critical for infrastructure development nationwide.

He noted that Nigeria’s Infrastructure master plan projects 70 per cent private-sector funding, stressing the need for bankable project pipelines supported by institutions such as the Global Infrastructure Fund to mobilise investors globally.

According to him, discussions at the forum emphasised that PPP models must reflect local realities, including investment risks, political environment, and limited appetite for long-term capital in developing economies like Nigeria.

Noting that Nigeria was positioning itself as a viable investment destination, with a youthful population and reforms aimed at improving the business climate and boosting investor confidence nationwide, Ewalefoh assured investors of robust legal frameworks that protect investments.

He also assured them of the country’s commitment to the rule of law, contract sanctity, and policies designed to guarantee returns and reduce perceived risks in Nigeria.

Ewalefoh, while pointing out rising investor interest in the country, attributed it to reforms that he said dismantled longstanding barriers and enhanced transparency, making Nigeria more attractive to global capital seeking emerging-market opportunities.