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Business News of Thursday, 15 July 2021

Source: www.mynigeria.com

Poor infrastructure costing Nigeria $17.1b yearly - AfDB

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The African Development Bank (AfDB) has stated that Nigeria loses about four per cent of its Gross Domestic Product growth yearly due to poor infrastructure.

This totals $17.1 billion annually using the 2020 GDP figures.

Dr Akinwumi Adesina, the AfDB president disclosed this during an investor's webinar to display the investment opportunities from the Federal Government's reform.

Addressing the country's infrastructural deficit, he said, "is one of the main constraints to industrial development and national competitiveness. Estimates indicate that Nigeria’s infrastructure constraints cost the country around four per cent of its yearly Gross Domestic Product growth”.

He also gave insights into the huge amounts needed to bridge the country's infrastructural gap, which is about $100billion annually for the next 30 years.

To make this a reality, the bank has offered to work with the Nigerian government, and other major stakeholders, to implement bold and innovative approaches that will drive private sector participation and investments in the economy.

Adesina also concluded that while “the federal government had spearheaded various reforms in the banking sector that have enhanced the resilience of the financial system, there is need to stay the course in completing the bold reforms initiated to restructure the energy sector”.