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Experts seek more funds for infrastructure development

Some economic experts have stressed the need for more funds for infrastructural development in the country.

The stakeholders made the call on Tuesday at the Lafarge Africa Plc inaugural session of Concrete Ideas webinar series with the theme, ‘Public-Private Partnership Approaches to Rapidly Upscaling Nigeria’s Economic Infrastructure’.

They said the injection of more funds would help the country to achieve the right level of development.

The concrete ideas webinar is a quarterly platform that assembles both national and international stakeholders to discuss strategic and topical issues in the area of construction and other sections of its value chain.

The Chief Executive Officer of Chapel Hill Denham, Mr Mobolaji Balogun, said to achieve the right level of infrastructural development, Nigeria needed to increase infrastructural spend in the budget by 20 per cent per year.

“We have to be increasing our infrastructural spend probably by 20 per cent per year. This will enable us to achieve the right level of development.

“All the solutions to Nigeria’s infrastructure problems are available in our financial markets. We should emulate other countries on how to tap more opportunities from the capital market,” he said.

The Chief Executive Officer, Financial Derivatives, Mr Bismarck Rewane, who decried the sorry state of infrastructural development in the country, noted that about 60 per cent of the nation’s grounded infrastructures were uncompleted projects.

Rewane noted that Epe-Lekki expressway, which was started some years ago, still remain uncompleted despite the toll fees being collected.

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