Regional infrastructure investment required

In order to assess the investment requirements, the main drivers for regional distribution of infrastructure and adjustments in this distribution were considered .

The regional requirements for infrastructure are thus assessed. The major differences in the share of investment requirement of each asset class include a higher need for power generation and transmission infrastructure in North Central and South West due to the energy intensity of the prevalent minerals processing and manufacturing industries. Furthermore, commercial activity, as well as the requirement of adequate linkages to sites of particular economic importance (such as seaports) drive transport infrastructure investment requirements in the southern regions. Moreover, abundant oil and gas resources in the South South region drive a heavy emphasis on corresponding oil and gas infrastructure investments. Required infrastructure investment will take into consideration economic corridors and regional development objectives.

Across Nigeria, all regions are in need of increased investments. The total investment requirement by region has been estimated as follows:

■       North West – USD 481 billion;

■       North East – USD 316 billion;

■       North Central (including FCT) – USD 482 billion;

■       South West – USD 717 billion;

■       South East – USD 419 billion;

■       South South – USD 585 billion.

These numbers represent total investment required, which will need to come from a combination of public (Federal, State) and private sector budgets.