{"id":86349,"date":"2021-09-26T09:50:24","date_gmt":"2021-09-26T08:50:24","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=86349"},"modified":"2021-09-26T09:50:24","modified_gmt":"2021-09-26T08:50:24","slug":"100bn-needed-to-address-nigerias-infrastructural-deficit-emefiele","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/100bn-needed-to-address-nigerias-infrastructural-deficit-emefiele\/","title":{"rendered":"$100bn needed to address Nigeria\u2019s infrastructural deficit \u2013Emefiele"},"content":{"rendered":"
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The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said\u00a0 the Federal Government needs $100bn annually to address the nation\u2019s infrastructure deficit.<\/div>\n
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\nEmefiele, disclosed this while making his presentation at the 30th annual conference organised by finance reporters in Lagos State on Saturday.<\/p>\n

He also noted that interventions introduced to minimise the impact of COVID-19 on the economy contributed about 3.5 per cent of the country\u2019s Gross Domestic Product.<\/p>\n

The conference has \u201cFinancing Infrastructure and SMEs for Inclusive Growth in Post-COVID-19 Economy\u201d,\u00a0 its theme.<\/p>\n

Emefiele, who was represented by the bank\u2019s spokesperson, Osita Nwanisobi, said, \u201cIn Nigeria, the current level of infrastructure deficit is a major constraint to economic development and attainment of growth average rate of at least five to seven per cent required to boost productivity and sustainable growth for businesses.<\/p>\n

\u201cAccording to the World Development Indicators (2019), 56.20 per cent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018.<\/p>\n

\u201cWhile infrastructure deficit in Nigeria is estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about $100bn annually to address the nation\u2019s infrastructural deficit.\u201d<\/p><\/div>\n

<\/div>\n
On the COVID-19 interventions contributing about 3.5 per cent of the GDP, Emefiele said,\u00a0 \u201cGiven the above of the COVID-19 pandemic on key economic variables, the Central Bank of Nigeria took a number of measures to mitigate the long-term effects on the growth prospects of the economy.<\/p>\n

\u201cFirst, policy measures were introduced to restore stability in the economy by supporting households that have been severely affected by the pandemic.<\/p>\n

\u201cAlso, targeted interventions were introduced to support critical sectors, such as agriculture, manufacturing, energy, and health.”<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said\u00a0 the Federal Government needs $100bn annually to address the nation\u2019s infrastructure deficit. 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