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Nigeria is one of the biggest West African economies, while also struggling with finances. Amid such struggles and security threats the nation faces, an intergovernmental council in Nigeria gave some bad reviews. It is said that there are severe issues relating to the infrastructure of some major cities.

The officials highlighted that the whole country’s infrastructure has been on the brink of collapse for years. There are traffic issues, electricity planning, and overall urban planning in major cities.

All this renders many opportunities impossible and brings the overall well-being of Nigeria down. The officials also said that the reason Nigeria has a bad ranking in the standard of living indexes is due to its inadequate infrastructure.

In the meeting, a female officer said, “Nigeria has dilapidated and inadequate infrastructure. She meant to highlight how an increasing population needs increased maintenance. Whether it’s the railroads or road networks. The council’s main motive was “Infrastructure Development in Nigeria: A Necessity for Sustainable and Inclusive Growth.

Such talks are a considerable discussion in Nigeria due to the emergency experts feel.

Critics have also notified that the infrastructure deficit, which is $100 billion, should be reversed. If not, it can seriously impact a large chunk of the population. Impacts of infrastructure weakness are not felt overnight, but the generations to come can feel the threat already.

The Institute of Directors (IoD) is another council that actively participated in the infrastructure development talks. This body made the council remember precisely what amount of funds the government needs to maintain the infrastructure.

It also informed that these funds could be met via the government’s available funds. However, many argue that there needs to be enough attractive investment for the business to thrive. A strong and smooth business sector can ensure a steady flow of funds to the economy through taxes.

Sustainability

This will eventually lead to better infrastructure maintenance and development. Another topic of discussion which was quite a long one was sustainable development.

While infrastructure management and a solid corporate sector is crucial, the development should be sustainable, unlike in the past. When the planning is long-term, and every upcoming uncertainty (including the rise in population) is kept in mind, there is less risk.

In conclusion, many efforts were made in this regard, but most were declared half-hearted. Therefore even taking the help of NGOs was an option the council considered. It is not certain as of yet if Nigeria is looking forward to a loan from the IMF or some aid for this development concern.

 

See Also:

What Does 2022 Hold For Fintech In Nigeria?

What Key Factors Attract Foreign And Local Tourists To Nigeria?

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