For Nigeria’s mobile network infrastructure capacity to meet international standards, a total of US$325 billion will be needed. This is about 11 percent of the total investment targeted under the 30-year National Integrated Infrastructure Master Plan (NIIMP) that was recently approved by the Federal Executive Council.
In the first five years of the Plan, it is expected that investments in ICT will be given priority due to its current relative level of under-investment.
According to the plan, a total of US$3 trillion will be needed to attain the benchmark as contained in the master plan over the next 30 years.
The NIMP is Nigeria’s blueprint for accelerated infrastructure development. The plan provides the roadmap for building world class infrastructure that will enhance the quality of life of the citizenry and enable Nigeria take advantage of the vast opportunities in domestic and global economies for sustained economic growth and development.
Minister of National Planning Commission, Dr. Abubakar Sulaiman, said: “The fund is part of the US $3 trillion National Integrated Infrastructure Master Plan, NIIMP of the Commission, based on sectoral growth strategies, outcome targets and international benchmarks, spread over a period of 30 years.”
According to NPC, Nigeria needs to increase investment in infrastructure from the current US $1.1 billion annually to above 1.749 billion annually in 2014 and US $5.621 billion in 2018, averaging US $3.63 billion annually (5.4 per cent GDP) for the five years period (2014-2018).