Vice President Yemi Osinbajo, SAN, inaugurated the National Council on Infrastructure on Tuesday, saying the initiative will bridge the nation’s infrastructure shortages while expanding the boundaries of public-private sector partnership.
This was contained in a statement signed by Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, titled ‘Osinbajo praises infrastructure accomplishments, inaugurates new council with public-private collaboration,’
Prof. Osinbajo, who formally inaugurated the Council during a virtual meeting on Tuesday, noted that, “The National Integrated Infrastructure Master Plan recommended the establishment of the National Council on Infrastructure and its Technical Working Group for efficient and effective implementation of infrastructure projects.”
He stated that the Buhari administration’s National Integrated Infrastructure Master Plan was created to provide “an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities.
“The success of the National Integrated Infrastructure Master Plan will depend, to a large extent, on the establishment of a strong implementation mechanism and framework that promotes performance and accountability.”
He said that the NIIMP assesses existing infrastructure and aims to increase Nigeria’s infrastructure stock to at least 70% by 2043.
“A well-coordinated and strategic approach will be required to harness private resources to increase the stock of Nigeria’s infrastructure to the desired level by the year 2043,” Osinbajo said.
He said that the NIIMP assesses existing infrastructure and aims to increase Nigeria’s infrastructure stock to at least 70% by 2043.
He went on to say that the National Council on Infrastructure will provide policy direction on infrastructure issues, as well as drive the creation and maintenance of the anticipated synergy and linkages between the public and private sectors to improve the implementation of the Infrastructure Master Plan, while the Technical Working Group will provide guidance to the Council and advise on all infrastructure-related matters.
He also mentioned the Second Niger Bridge, the Lagos-Ibadan Expressway, the Abuja-Kaduna-Kano Road (financed by the Presidential Infrastructure Development Fund), and the building and improvement of almost 5,000 kilometers of key road projects across the country through the Sukuk bond, as evidence of the Federal Government’s deliberate and massive investment in road, rail and power infrastructure for rapid economic development.
According to Prof. Osinbajo, the regime is “investing more than $2 billion in Distribution and Transmission through the Siemens Presidential Power Initiative, the Transmission, Rehabilitation, and Expansion Plan, the CBN-financed Transmission-Distribution Interface Programme, and the recently approved $500 million World Bank DISREP program for the Distribution segment.”
Similarly, the VP stated that the Federal Government established the N15 trillion Infrastructure Corporation (InfraCorp Nigeria) in 2021, and that the President also signed Executive Order 7, which informed the appropriate policy framework and created some opportunities for Public-Private Partnership in infrastructure development.
He went on to say that the private sector “is expected to play an increasingly important role, either directly or in collaboration with the government through Public-Private Partnership with the Government providing a supportive environment with stable and transparent policies, rules, and regulations.”
Prince Clem Agba, Minister of State, Budget, and National Planning, in his remarks, praised the Vice President for his leadership and dedicated devotion to the nation.
Private sector members of the new Council include Mansur Ahmed, President of the Manufacturers Association of Nigeria, and Tasiu Wudil, a representative of the Nigeria Society of Engineers, both of whom were in attendance and welcomed the Council’s inauguration.
The Vice President chairs the National Council on Infrastructure, whose members include representatives from state governors, federal ministers, heads of government agencies, and private-sector representatives.
They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum, Dr. Kayode Fayemi; Ministers of Finance, Budget and National Planning, Dr. Zainab Ahmed; Attorney General of the Federation and Minister of Justice, Abubakar Malami; Works, Babatunde Fashola, SAN; Power, Abubakar Aliyu; Transportation, Mu’azu Sambo; Communications and Digital Economy, Isa Pantami; Water Resources, Suleiman Adamu; Aviation, Hadi Sirika; Minister of State, Budget and National Planning, Clem Agba; and Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele.
Others include the President of MAN, Mansur Ahmed; National President of Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture, John Udeagbala; the Executive Vice Chairman/CEO, Federal Competition and Consumer Protection Commission, Mr. Babatunde Irukera; Managing Director/CEO, Nigeria Sovereign Investment Authority, Uche Orji; among others.
The Federal Ministry of Finance, Budget, and National Planning will function as the Infrastructure Delivery Coordinating Unit.
