Nigeria’s growth limited by $3 trillion infrastructure deficit – CIBN

According to the Chartered Institute of Bankers of Nigeria, the country’s growth potential has been hampered by a lack of key infrastructure development over the years.

According to a statement obtained by The PUNCH, the institute’s Chairman, Ken Opara, announced this during the recent 2022 CIBN Fellowship Investiture event.

Speaking on the theme of this year’s event, Bridging the Infrastructure Deficit: The Role of Financial Institutions, Opara stated that increased infrastructure investment is required in the context of sustainable development, clean energy transition, and post-pandemic economic recovery.

He said, “Over the years, the public infrastructure deficit in Nigeria has become an issue of major concern. Generally, infrastructure is the foundation on which economic activities thrive. According to the Africa Infrastructure Country Diagnostic Report released in 2011 titled “Nigeria Infrastructure: A Continental Perspective”, about 40 per cent of the productivity are caused by infrastructure constraints.