Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has advocated a synergy between financial institutions and private investors to address infrastructure deficit in the country.
Akinwuntan in a presentation titled ‘Transportation Infrastructure Development Financing In Nigeria’ delivered at the Nigerian Institute For Transport Technology (NITT) 2021 Transport Technology Conference in Abuja, noted that given the bulk of activities across the infrastructure project lifecycle in Nigeria, there is a need for a synergy between the private sector who are major project sponsors and financial institutions in harnessing the desired value across the ecosystem.
The Ecobank Nigeria Managing Director noted that though Nigeria has made moderate progress in terms of infrastructure development regarding improved access to finance, strong telecom penetration and moderating power production, there is limited productivity in the transport sector when compared to other sectors and regions.
He lamented that private sector involvement in infrastructure development is constrained by selection of low-impact projects; weak feasibility study and business plan; delays in obtaining licenses, approvals and permits, and inability to secure guarantees.
