By Waziri Isa Adam (Group Editor-in-chief)
Professor Mohammed Tawfiq Ladan, a renowned expert in infrastructure development, has emphasized the need for Africa and Nigeria to address their infrastructure deficits in order to achieve sustainable economic growth.
Prof Ladan who unveiled the consequences of such deficits during an interview with Leah Katung-Babatunde, yesterday, urged African governments to address the contributory factors responsible for infrastructure deficits, for African economies to thrive in a globally competitive economy.
Professor Ladan noted that infrastructure is the backbone of any thriving economy, facilitating the movement of goods, people, and services, and connecting people and markets. He stated that the African Development Bank estimates that Africa needs about $150 billion in annual infrastructure spending to close the continent’s infrastructure gap.
Professor Ladan also highlighted Nigeria’s significant infrastructure deficit, estimated to reach $878 billion by 2040. He emphasized the need for the Nigerian government to allocate sufficient funds for infrastructure development.
According to Professor Ladan, the contributory factors to infrastructure deficits in Africa and Nigeria include rising debt levels, over-reliance on traditional public funds to finance infrastructure projects, poor project implementation, corruption in large-scale infrastructure projects, insufficient revenue mobilization and allocation, and volatile commodity prices related to over-dependence on raw materials exports.
Professor Ladan emphasized that these factors severely limit the fiscal space available to African governments for investment spending, particularly on critical infrastructure projects, thereby impeding Africa’s and Nigeria’s economic growth and development prospects and quality of life of millions of people.
The consequences of infrastructure deficits, as highlighted by Professor Ladan, include reduced economic growth, discouraged foreign investment, increased poverty and unemployment, decreased quality of life and standard of living of millions of people, and reduced export potential.
Professor Ladan urged African governments to address the contributory factors responsible for infrastructure deficits, and to prioritize infrastructure development in national plans, in order to bridge the infrastructure gap and drive sustainable economic growth.