{"id":47759,"date":"2022-11-03T10:03:55","date_gmt":"2022-11-03T10:03:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=47759"},"modified":"2022-11-03T10:03:55","modified_gmt":"2022-11-03T10:03:55","slug":"former-boi-boss-urges-fg-to-embrace-ppp-to-bridge-infrastructure-deficit","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/11\/03\/former-boi-boss-urges-fg-to-embrace-ppp-to-bridge-infrastructure-deficit\/","title":{"rendered":"Former BoI boss urges FG to embrace PPP to bridge infrastructure deficit"},"content":{"rendered":"<p class=\"p1\">Dr Waheed Olagunju, former acting Managing Director\/CEO, <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/10\/15\/man-nexim-bank-collaborate-to-enhance-export-in-cross-river-akwa-ibom\/\"><strong>Bank of Industry (BoI)<\/strong><\/a>, on Wednesday charged government at all levels to partner the private sector to fix the country\u2019s ailing infrastructure to achieve economic growth and development.<\/p>\n<p class=\"p1\"><span class=\"s1\">Olagunju spoke at the national workshop of the Association of Business Editors in Nigeria (ABEN), themed: \u2018Infrastructure Financing as Pathway to Sustainable Economic Development,\u2019 on Wednesday in Lagos.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said there couldn\u2019t be meaningful development without investment in infrastructure.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to him, to address the infrastructure gap, government must partner the private sector to fund key infrastructure projects.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Olagunju said the Federal Government, through the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/11\/02\/unicef-adamawa-government-develop-education-development-plan\/\"><strong>National Development Plan (2021-2025),<\/strong> <\/a>expected the transportation industry to generate 15 per cent of the funds required to develop road, rail, maritime and aviation infrastructure.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This, he noted, amounted to N52 trillion of the over N300 trillion revenue targets to be injected into the economy.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He added that 85 per cent of resources was expected to come from the private sector through Public Private Partnership (PPP).<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While making a case for inclusive growth and sustainable development, the former BoI boss, said good ratings were critical to making Nigeria an investment hub.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He urged the Federal Government to put in place internationally acceptable standard and structure that financiers would be interested in, to fund developmental projects in the country.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cNigeria must be an investment hub for investors. Let\u2019s continue to market Nigeria as an investment destination, ignore negative reporting affecting the rating of Nigeria. The rule of law must be right to build confidence in the system.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cOur laws and constitution should not be cumbersome, but adaptive and should avoid too much bureaucracy that could distract investments.<\/span><\/p>\n<p>\u201cInfrastructure takes between 20 to 30 years, hence, structures must be built around continuity of infrastructural projects irrespective of who is in government,\u201d he pointed out.<\/p>\n<p class=\"p1\"><span class=\"s1\">Dangote Group, co-sponsor of the workshop, promised to play more critical roles in the years ahead toward supporting public private partnership that would improve the nation\u2019s infrastructure.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Giving a keynote speech at the event, Lagos State\u2019s Commissioner for Economic Planning and Budget, Mr Sam Egube, restated the need to raise capital from all credible sources to fix infrastructure.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He added that efforts must be put in place to ensure fiscal financing structure met international standards, such that, the private sector could finance projects without fear of losing their money.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Egube stated that Lagos State had tried this model and found it to be working.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said a lot of capital projects in the state had more private sector funds, lending credence to the quality of structures of the state government to attract financiers for its projects.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to him, to get funding from the private sector, both local and international, for infrastructure projects, the ratings of the government or organisation must be right.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cPension funds is also another alternative to finance infrastructure development, but you must get your structure right to drive the needed funding.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cInfrastructure is huge. So, it\u2019s beyond the federal government alone; states and local governments must equally play their parts while the private sector provides the funding.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cHowever, private sector is key in all these projects, hence, the government must embrace PPP to address infrastructure deficit in the country,\u201d he said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Also, the managing director, of Sundry Foods Ltd., Mr Ebele Onunwa, who was represented by the company\u2019s Regional Manager, Mr Jubril Shoaga, called on government to address the challenge of multiple taxation impeding Small and Medium Enterprises (SMEs) across the country.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Earlier, the Chairman, of ABEN, Mr Omoh Gabriel, said the level of infrastructure deficit in the country was a cause for concern, calling for more discussions around the critical problem.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He noted that every developed economy invested heavily in infrastructure, adding that Nigeria\u2019s case should not be an exception.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To this end, he called for more collaboration between the public and private sectors.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Goodwill messages were delivered by the Dangote group, United Bank for Africa (UBA) and Access Bank, among other sponsors of the annual conference.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr Waheed Olagunju, former acting Managing Director\/CEO, Bank of Industry (BoI), on Wednesday charged government at all levels to partner the private sector to fix the country\u2019s ailing infrastructure to achieve economic growth and development. Olagunju spoke at the national workshop of the Association of Business Editors in Nigeria (ABEN), themed: \u2018Infrastructure Financing as Pathway [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":47792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"42922","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[7],"tags":[8385,181],"class_list":["post-47759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-bank-of-industry","tag-federal-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former BoI boss urges FG to embrace PPP to bridge infrastructure deficit &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/11\/03\/former-boi-boss-urges-fg-to-embrace-ppp-to-bridge-infrastructure-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former BoI boss urges FG to embrace PPP to bridge infrastructure deficit\" \/>\n<meta property=\"og:description\" content=\"Dr Waheed Olagunju, former acting Managing Director\/CEO, Bank of Industry (BoI), on Wednesday charged government at all levels to partner the private sector to fix the country\u2019s ailing infrastructure to achieve economic growth and development. 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