Only working infrastructure’ll drive industrialisation – CBN

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said the manufacturing sector can only drive industrialization
if the country’s infrastructure can be relied upon.

Emefiele made this statement in Lagos at the weekend at the official signing of the Term Sheet between Infrastructure Corporation of Nigeria (InfraCorp) and the Independent Asset Managers.

The CBN Governor said signing of the “agreement marks a major milestone as InfraCorp and the Infrastructure Asset Managers – the AAA Consortium, Chapel Hill Denham, Africa Infrastructure Investment Managers here in Nigeria, and Sanlam Infraworks – have concluded the
initial discussions on how they will operate together to deliver infrastructure to the country.

“The infrastructure deficit may be large, with
resources from the private-sector, targeted incentives from the public sector and the drive of our individual citizens, I strongly believe that Nigeria will be ready, willing and able to deliver the infrastructure that will be the foundation of our development.”

He said for Infrastructure projects originated by the public sector, InfraCorp’s goal is to shape projects

for private sector financing and management while projects that originated by the private sector, it will help shape government policy to support and sustain private sector investment.

He said private sector partnership with federal government that led to the formation of Coalition Against Covid 19 (CA-COVID), helped in procuring equipment and materials, establishing health and testing centres and securing and storing critical food supplies, significantly reduced the impact of the virus on our economy and society.

He said it was an unexpected and unique
cooperation between Nigerian public and private sectors to provide a local solution to a global problem.

Speaking further he said, “this type of collaboration, I believe, provides a practical template to solve many of the complex socio-economic problems that our Nation faces. From public health, climate change and the energy transition, to infrastructure and beyond, the Public Sector cannot resolve these issues by itself. The Private sector, correctly incentivised, can deploy the critical resources and capacity to deliver successfully.”

Related content you may like