Nigeria Needs $100bn Yearly to Bridge Infrastructure Gap – ICRC
The Infrastructure Concession Regulatory Commission (ICRC) says Nigeria needs about $100 billion annually to close its $2.3 trillion infrastructure deficit by 2043.
Director-General Dr. Oseodion Ewalefoh disclosed this at a stakeholders’ engagement in Abuja, where the Commission unveiled a Model Public-Private Partnership (PPP) Agreement to attract private capital and accelerate infrastructure delivery.
“To close that gap by 2043, Nigeria must mobilise approximately $100bn every year. Government revenue alone, even under the most disciplined fiscal management, cannot bear that weight,” Ewalefoh said.
He explained that PPPs are central to President Bola Tinubu’s Renewed Hope Agenda, stressing the need to mobilise private sector capital, expertise, and innovation.
Ewalefoh noted that for nearly two decades, PPP deals were negotiated project by project, leading to inconsistencies in risk allocation, dispute resolution, and contractual provisions, which discouraged investors.
The new model agreement, developed over two years, provides a standard framework benchmarked against Nigerian laws and global best practices, while still allowing sector-specific structuring.
Solicitor-General Beatrice Jedy-Agba said the Ministry of Justice strengthened the legal foundations of the framework, ensuring provisions on dispute resolution, sovereign obligations, liability, and safeguards protect government interests.
She urged stakeholders to refine the framework further, saying their contributions would help build a more transparent, accountable, and investor-friendly PPP ecosystem.Oseodion Ewalefoh Oseodion Ewalefoh