Sadiq Abu, CEO of Absa Nigeria, has called
for a robust public-private sector investment in national infrastructure
development to enable impactful national productivity and wider enterprise with
a strong bearing on the overall Gross Domestic Product (GDP).
In a recent statement, Sadiq Abu, said,
“Private sector participation in national infrastructure development will
offset the impact of the worsening government fiscal position on the nation's
growth agenda while catalyzing the local economy."
He explained, "The extensive network
of Nigerian roads, railway, air travel, and municipal facilities have to be
continuously maintained and renewed to provide optimum support to the small and
large businesses that are driving the economy."
According to him, the government may not be
well-placed to make the total funds available to address the current level of
the nation’s infrastructure deficit seeing it has been committing a larger
chunk of its dwindling revenues to mitigate the impact of the pandemic.
He stressed that encouraging private sector
participation in infrastructure development will provide the robust funding
necessary to renew and revive ailing state assets. As well, infrastructure
spending will reboot the economy leading to faster recovery from the COVID-19
disruptions.
Recall that as part of the government’s
drive to bridge infrastructure gaps in the country, Vice President Yemi
Osinbajo in July 2021 announced the establishment of a $37 million
Infrastructure Fund and the selection of four firms of asset managers to ensure
the proper management of the Fund.
To lend credence on the insight shared by
Sadiq Abu, the Vice President had called on the private sector to identify
areas of collaboration with the government, optimize the benefits in
infrastructure investment and contribute to the creation of jobs for unemployed
Nigerians.
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