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Funding Nigeria’s infrastructure needs will gulp USD 3 Trillion – Fayemi: Politics : - Nigeria's Premier Online Forum


Funding Nigeria’s infrastructure needs will gulp USD 3 Trillion – Fayemi

By: dayan (M) |Time : July 01, 2016, 02:36:12 AM
Funding Nigeria’s infrastructure needs will gulp USD 3 Trillion – Fayemi

By Ademola Adebayo | Publish Date: Jun 30 2016 4:47PM

Minister of Solid Minerals Development, Dr Kayode Fayemi, has disclosed that to fund the infrastructure needs of its growing economy over the next 30 years, Nigeria would spend about USD 3 trillion.

Dr. Fayemi, disclosed this on Thursday in London, United Kingdom, at a business forum organised by the Royal African Society, where he presented a keynote address titled :  “Mining for Prosperity: fuelling Nigeria’s industrialisation in the 21st Century.”

He said the investment  would allow Nigeria to close its current infrastructure gap and sustain an ideal infrastructure stock level of 70 per cent of GDP and build infrastructure assets across the seven critical sectors-  roads, rail, ports, airports, power, water and ICT.

He maintained that iron ore and steel would account for the bulk of material inputs needed to industrialise Nigeria, just as he urged investors to take advantage of the country’s huge steel market.

“We project a steady increase in domestic demand for steel in Nigeria in the coming decade, driven by increased industrialisation that will ignite a surge in building construction, power, automotive construction, agriculture, road and bridge building, military technology and infrastructure development, refinery investments and other heavy duty machinery.

“This ever-widening vortex of hunger for steel and iron ore is an opportunity for local and international investors to participate in the consolidation and expansion of Africa’s largest economy” he said.

He added that local producers are currently meeting just about 25 per cent of demand in the sub-sector, a development he said provides the required optimism for foreign investors.

Fayemi hailed the success recorded in limestone, where Nigeria moved from being a net-importer of cement to a net-exporter in less than a decade of putting in place the right policy and necessary incentives for local manufacturers.

“We are working with all stakeholders in the industry to encourage replication of the limestone success story in the beneficiation of other industrial minerals, towards powering the industrialisation of the country.

“Our aspiration is to build a world class minerals and mining ecosystem designed to serve a targeted domestic and export market for minerals and ores.”, he added.

The Minister said the country would focus on  minerals, mining and related processing industry over a three -phased period to achieve this.

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