By Ayomide Otitoju
Yemisi Edun, Managing Director of First City Monument Bank (FCMB), has disclosed that Nigeria needs an annual investment of $100 billion to address its growing infrastructure deficit. She made this statement at the 17th Annual Banking and Finance Conference in Abuja, emphasizing the critical need for increased financing to bolster key sectors such as infrastructure and manufacturing, essential for the country’s long-term economic growth.
“Infrastructure financing is a pressing issue, with Nigeria needing about $100 billion annually to close its infrastructure gap,” Edun stated.
She highlighted the crucial role of the financial sector in bridging this deficit, urging Nigerian banks to explore alternative financing strategies, including the issuance of long-term infrastructure bonds and the establishment of public-private partnerships. These approaches, she noted, are necessary to generate the capital required for sustainable development.
Edun also stressed that the recapitalization of Nigerian banks would significantly enhance their ability to meet the financing needs of critical sectors. She pointed out that Nigeria’s private sector credit currently represents just 13 per cent of the country’s Gross Domestic Product, underlining the need for further financial sector reforms to drive economic growth.
The statement underscores the importance of the financial industry’s contribution to addressing Nigeria’s infrastructure challenges amid efforts to stimulate economic development.
