Infrastructural Development: The Vision of Nigerian Sovereign Wealth Fund

Abstract

Nigeria requires an annual investment of about US $10 billion over the next ten years in order to reduce its infrastructural deficit. This sum is grossly more than the 20% of $1 billion allocated for infrastructural development by the Nigeria Sovereign Investment Act. The current level of infrastructure deficit in Nigeria is a major constraint in the national vision of becoming one of the largest economies by 2020. The foundation upon which sustainable economic progress can be built in Nigeria is, arguably, inextricably linked to the availability and sufficiency of infrastructure. Where infrastructure is lacking or is inadequate, the structural challenges bedeviling the Nigerian economy may not be overcome and achieving sustainable growth and development in order to provide for future Nigerians may remain a mirage. Accordingly, we urge for a sustained focus on infrastructural development evidenced through the allocation of more than 20% funding to the Nigerian Infrastructure Fund.

Keywords: Nigeria, Infrastructure, Sovereign Wealth Fund