Onome Amuge
Joseph Nnanna,chief economist of the Development Bank of Nigeria (DBN), has stressed the need for increased investment in critical infrastructure in order to spur growth and development in the country.
Nnanna’s stated this in response to a report by the Africa Development Bank (AfDB) titled “Infrastructure Action Plan for Nigeria: Closing the Infrastructure Gap and Accelerating Economic Translation,” which stated that Nigeria would need $350 billion in infrastructure investment over the next decade, including $15 billion for capacity building and technical studies and $285 billion for infrastructure rehabilitation and expansion. The report concluded that these investments are necessary for the country to build a world-class infrastructure network that will support sustained economic growth and development.
Speaking at a keynote address at the 2023 CIBN Investiture, which was themed “Harnessing Nigeria’s Economic Potential for Growth and Development: Strategic Imperatives,” held recently in Lagos, the DBN chief economist ,stressed that government policies and actions that hinder infrastructure development can have far-reaching consequences, both at the individual and societal levels.
He noted that a lack of transparency and accountability, as well as mismanagement of public funds, have been major impediments to development in Nigeria. He also highlighted other factors, such as corruption and poor governance, that have limited the country’s ability to achieve its full potential.
Nnanna emphasised the important role that infrastructure plays in economic development, noting that it creates an enabling environment for productivity and investment. He stated that infrastructure facilitates the movement of goods and people, and helps diversify and commercialize the economy. He further noted that a lack of infrastructure hinders the development of primary sectors, such as manufacturing, which can have a negative impact on economic growth. He also noted that inadequate infrastructure hinders the expansion of local manufacturing industries.
Nnanna argued that in the current global economic environment, industrialisation is crucial for promoting growth and development, and that this industrialisation is dependent on having a solid infrastructure foundation.
According to the economic expert, the government needs to focus on ensuring reliable and consistent access to basic infrastructure components like electricity, roads, water, and communication networks in order to promote growth and development in Nigeria. He also noted the importance of year-round irrigation in supporting agricultural production and food security.
