Nigeria has announced a N485 trillion (R32.6 trillion) National Integrated Master Plan. The N166 billion (R11 billion) phase one will focus on building major infrastructure and will run from 2014 to 2018.
According to Deputy Chairman of the National Planning Commission Abubakar Olanrewaju Sulaiman, phase one will focus on major infrastructure such as transport — roads, railways, sea, airports and power — oil and gas, housing, water, and information and communication technology.
Sulaiman noted that Nigeria has low levels of infrastructure compared with countries like Japan, Singapore and China. He emphasised a need for planning and stated that over a thousand stakeholders, including foreign and local consultants and politicians, technocrats, bureaucrats and all others were brought on board to ensure that the right environment is provided.
The public sector will finance 52% of the 30-year developmental plan, while the private sector will make up the remaining 48%.
“The good thing about it is that it is going to be private, but public driven,” said Sulaiman. He added that the public financing is expected to come from the Sovereign Wealth Fund and the Debt Management Office, among others.