Experts and policy makers have linked Nigeria’s economic challenge to poor infrastructure development and have also concluded that Nigeria needs to increase infrastructure financing to fix capital projects.
They spoke at the Lafarge Africa Plc inaugural Concrete Ideas webinar series with the theme: “Public-Private Partnership Approaches to Rapidly Upscaling Nigeria’s Economic Infrastructure.They have also made case for effective private public partnerships (PPPs), which they noted is strategic to government’s financing and development plan.
Khaled El-Dokani, the CEO, Lafarge Africa,in his welcome address said the Concrete Ideas initiative of the company would hold every quarter of the year to foster strategic ideas and discussions. He also added that the initiative would significantly accelerate the achievement of commercial success within the sector.
El-Dokani mentioned that the concrete ideas webinar series had come at a crucial time since the COVID-19 pandemic has put severe pressure on the Nigerian economy, pointing out that it was designed to chart a new course and move the Nigerian economy forward.
Minister of Works & Housing, Mr. Babatunde Fashola, who was the guest of honour at the event, opened the discussion, admitting that there was indeed a setback in the country’s developmental policy, which allocates a meager portion of its GDP on recurrent expenditure, while roads, bridges and transport remain in shamble.
The minister described PPP model as investments that entail the availability and mobility of capital, adding that PPPs form part of government financing and development plans. However, he noted the need to develop smart financial modelling and properly designed and negotiated transaction contracts and funding arrangements.