Nigeria: Infrastructure, Key to Poverty Alleviation - Ezekwesili
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Leadership (Abuja)
8 August 2008
Posted to the web 8 August 2008
Justus Nduwugwe
The World Bank Vice President for Africa Region, Mrs. Obiageli Ezekwesili yesterday described infrastructure as key to the battle against poverty and the realisation of the Millennium Development Goals (MDGs).
Making this statement at the ongoing Nigeria Infrastructure Summit in Abuja, the World Bank Vice President said, "We all know why infrastructure is key to the battle against poverty and the realisation of the Millennium Development Goals (MDGs). For example, access to water explains some 25 percent and 37 percent respectively of infant and child mortality rates differences between rich and poor countries".
According to her, while not everybody agrees on the exact amount of investment needed to bridge Nigeria's infrastructure gap, everybody agrees that it far exceeds what the government budget could finance alone. The same, she said, is true for the subsequent maintenance and recurrent costs required to keep the infrastructure working.
"Just to give you an idea of the order of magnitude for Africa, it would need $22billion every year for infrastructure investment plus another $18billion every year for operations and maintenance. This is why today's conference is so timely and important", she argued.
She also observed that in the years up to 2006, Nigeria averaged 1.6 per cent of GDP. This, she noted, is slightly better than other top performers such as Kenya and Senegal, but only half the levels captured by Mozambique. "In this context, it is important to underline Nigeria's role as a regional power, which would normally mean that Nigeria would invest more in infrastructure, not just for itself, but also to serve the needs of the region", she also added.
She however commended President Yar'Adua for mapping out a vision and paradigm shift that offers real potential to substantially increase infrastructure services to the Nigerian people.
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The World Bank boss for Africa also said that about half of Nigeria's infrastructure investment comes from the public sector and another quarter from financiers such as China and India, playing a growing role, adding that private sector investment in infrastructure was highly necessary.
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