Infrastructure development will drive economic growth, create wealth - Adeosun

The Federal Government has, yesterday, said infrastructure development would boost the country’s economic growth, create wealth and jobs for the populace.

Minister of Finance, Ms Kemi Adeosun, who stated this at the United Capital launch of its EU, Robond and Wealth for Women Funds in Abuja, said infrastructure development would play a fundamental role in unlocking Nigeria’s economic potential, laying a foundation for economic competitiveness and long-term future growth.

Adesoun stated that investment in critical infrastructure across the country would unlock job and wealth creation and strengthen economic development across all states in Nigeria.

While speaking on the outlook for the Nigerian economy, the Minister noted that government was committed to increasing spending on critical infrastructure across key sectors, including power, rail, roads and water, which would underpin growth in priority sectors, especially Agriculture and Agro-Allied, Solid Minerals, Manufacturing, and Power.

According to her, “we will now target 30 percent of government expenditure on infrastructure, up from 10 percent”.

Adeosun said the Federal Government would mobilise private capital to complement government spending on infrastructure.

“We recognise that government spending alone will be inadequate to bridge the infrastructure gap and we have started engaging the private sector through our housing fund and the road trust fund for which fundraising is in progress,” she said.

[Nnabugwu/Vanguard]