The Managing Director of First City Monument Bank, Yemisi Edun, has revealed that Nigeria requires an annual investment of $100bn to address its growing infrastructure deficit.
In a statement made available to our correspondent on Tuesday, she made this disclosure at the 17th Annual Banking and Finance Conference in Abuja, highlighting the urgent need for increased financing to boost key sectors like infrastructure and manufacturing, which are critical for the country’s long-term economic growth.
Edun emphasised the vital role the financial sector must play in closing this infrastructure gap, recommending that Nigerian banks explore alternative financing mechanisms, including the issuance of long-term infrastructure bonds and the formation of public-private partnerships.
“Infrastructure financing is another pressing issue, with Nigeria needing about $100bn annually to address its infrastructure deficit,” Edun stated.
She further explained that the recapitalisation of Nigerian banks will significantly boost their capacity to meet the financing needs of crucial sectors amid a broader push to enhance Nigeria’s private sector credit, which currently stands at just 13 per cent of the country’s Gross Domestic Product.