Nigeria seeks $759bn transport investment, pushes PPP financing

By Abubakar Yunusa

The Director-General of the Infrastructure Concession Regulatory Commission, Jobson Ewalefoh, has said Nigeria’s transport sector requires about $759bn in investment, stressing the need for public-private partnerships to bridge the funding gap.
Ewalefoh spoke on the sidelines of the Global Infrastructure Facility forum during the International Monetary Fund and World Bank Spring Meetings in Washington, according to an official statement from the commission.
He said the country would need roughly $100bn annually over the next 23 years to meet its infrastructure demands, noting that government budgetary allocations alone are insufficient.
“This makes private sector participation through PPPs critical for infrastructure development nationwide,” he said.
The ICRC boss explained that Nigeria’s infrastructure master plan projects about 70 per cent of funding to come from the private sector, underscoring the urgency of developing well-structured and investment-ready projects.
He identified energy and transport as priority sectors, requiring $759bn and $595bn respectively, while adding that ICT, agriculture, healthcare and education also demand substantial investments.
Ewalefoh said Nigeria is positioning itself as an attractive investment destination, citing its population of about 250 million and ongoing reforms aimed at improving the business climate and boosting investor confidence.
He assured investors of strong legal protections, highlighting the government’s commitment to the rule of law, contract sanctity and policies designed to guarantee returns while reducing risks.
According to him, recent reforms have improved transparency and removed long-standing barriers, driving increased investor interest.
“PPPs offer solutions to funding constraints by reducing reliance on limited government budgets and enabling sustainable infrastructure financing through long-term investment recovery mechanisms,” he added.
The DG expressed optimism that ongoing engagements with global investors and development partners would unlock investment flows and accelerate project delivery.
He also commended President Bola Tinubu for reforms targeted at creating an enabling environment for PPP arrangements.
Ewalefoh, however, cautioned that PPP models must reflect Africa’s unique realities, warning that a one-size-fits-all approach would not deliver the desired outcomes.
He noted that discussions at the forum highlighted the need to factor in investment risks, political environments and the limited appetite for long-term capital in developing economies.
The ICRC boss further stressed the importance of building bankable project pipelines, with support from institutions such as the GIF, to attract global investors.
Nigeria’s infrastructure deficit, he added, is estimated at $2.3tn between 2020 and 2043, reinforcing the urgency for collaborative financing solutions.