Nigeria’s 30-Year Investment Plan Requires Initial $325 billion Mobile Kick-Start
Africa’s leading economy is addressing the first leg of its 30 year infrastructure investment plan, as IT takes priority leading into 2020
Nigeria needs a further $325 billion to expand its mobile network infrastructure capacity in line with international standards, it has been revealed.
The news comes after the country’s National Integrated Infrastructure Master Plan (NIIMP) was approved by the Federal Executive Council late last year; a plan that requires Nigeria to spend a grand total of $3 trillion over the next 30 years.
Job one will be bringing the country’s infrastructure parallel to global expectations, the $325 million figure representing 11 percent of a long-term investment plan which has been designed to provide a blueprint for accelerated infrastructure development over the next three decades.
NIIMP’s end goals are to enhance the general quality of life for the population of Nigeria, capitalising on tech benefits that the country has been perceived as falling short of in recent years. Sustained economic growth and nationwide skills development has also been cited as key advantages to be gained from the initiative.
As well as aligning the country’s infrastructure with international progression, it is also important for this sector to keep up with other industries within Nigeria which have escalated the country to become the continent’s leading economy over the past two years.
Other reasons given for developing the NIIMP include growing population numbers and subsequent urbanisation, and reducing the levels of equity and poverty within the country.
According to the National Planning Commission, the NIIMP is based on sectoral growth strategies, outcome targets and international benchmarks, taking into account forecasted growth on all fronts over the next 30 years.
At present, Nigeria’s infrastructure stock is evaluated at comprising only a quarter of the country’s GDP, meaning that, in line with inflation and general predicted international growth, as much as $3 trillion will be needed to transform the West African nation’s fortunes.
Over the first five years of the overall plan, IT will take precedence following its previous underinvestment; requiring as much as $22 billion over that time period to undo the neglect and lay the foundations for the subsequent 25 years of development.