To provide solutions to infrastructure deficit, there is the need to further integrate regional development policies that will provide greater access to viable sectors of the Nigerian economy.
The President, Chartered Institute of Bankers of Nigeria, Dr Uche Olowu, said this during the institute’s annual lecture with the theme, ‘Infrastructure development and growth in Nigeria: Prospects and challenges,’ in Lagos on Thursday.
The lecture was attended by chieftains and other professionals in the financial sector.
He said, “The importance of adequate and reliable infrastructure cannot be underestimated as it engenders and supports economic growth and development. Indeed, reliable infrastructure is essential to sustainable economic development and competitiveness.
“Investment in the nation’s infrastructure has been dismal; Nigeria’s core infrastructure is estimated between 20 per cent to 25 per cent of the GDP as opposed to global benchmark of 70 per cent. The economic recovery and growth plan which is infrastructure-led growth strategy is designed to bridge the gap with proper and sustainable execution.
“In the pursuit of viable solutions to this deficit, I humbly propose the need for further integrated regional development policies that would provide greater access to viable sectors of the Nigerian economy.”
Olowu said that the 2019 edition of the annual lecture was one of its platforms for public policy advocacy and enlightenment programme, which focused on contemporary issues of interest in the Nigerian banking industry and the national economy as a whole.
The High Commissioner of Namibia to Nigeria, Mr Humphrey Geiseb, made a presentation on Namibia’s infrastructure development outlook.
He said, “Through exchange of best practices, Nigeria and Namibia can draw inspiration from advances made in the two countries and continue stimulating African solutions to African problems.