The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said during the 2021 Finance Correspondents Association of Nigeria (FICAN) Annual Conference that poor infrastructure financing was a constraint on the growth of the economy. Emefiele also emphasized that an average rate of five to seven percent is required to boost productivity and sustainable business growth.
To achieve this, he said, more resources needed to be freed to build critical infrastructure to bridge the wide deficit.
“According to the World Development Indicators (2019), 56.2 percent of Nigerians have access to electricity while electric power consumption stood at 144.52 kWh per capita as of 2018. While the infrastructure deficit in Nigeria is estimated to be about 1.2 percent of gross domestic product (GDP), it is projected that the Federal Government needs to commit about $100 billion annually to address the nation’s infrastructural deficit,” he said.
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