Minister of Budget and National Planning, Udoma Udo Udoma, says infrastructure remains a critical element in the growth of any economy. The minister said this last week during his meeting with a delegation of the management of The Infrastructure Bank (TIB), led by its Chief Executive Officer, Mr. Adekunle Oyinloye, in Abuja.
“Infrastructure is very necessary to grow the economy of a nation. There is need to fix infrastructure in order to create an environment for private sector to grow,” he said.
The minister further said that more than 60 percent of the investment needed for the infrastructure development in the country is to be realized from the private sector, adding that government will prepare projects that are bankable so that the private sector can invest in them.
He reiterated the desire of the Federal Government to build a stronger relationship with The Infrastructure Bank and create an environment for the private sector to thrive by intensifying its collaboration with the bank, pointing out that the collaboration with TIB was very important with government’s effort at diversifying the nation’s economy from crude oil.