Nigeria targets 70% infrastructure-to-GDP by 2043

President Bola Tinubu on Tuesday said Nigeria aims to raise its infrastructure stock to 70 per cent of the country’s gross domestic product (GDP) by 2043, in line with the federal government’s long-term development strategy.

The president, who was represented by Vice President Kashim Shettima at the 2025 Nigeria Public-Private Partnership (PPP) Summit held in Abuja, said the National Integrated Infrastructure Master Plan remains the administration’s guiding framework for increasing infrastructure investment.

“The National Integrated Infrastructure Master Plan (2020 to 2043) remains our blueprint,” Mr Tinubu’s representative said. “It is our compass to raise infrastructure stock from the current 30 to 35 percent of GDP to at least 70 percent by the year 2043.”

He stressed that plans alone are not enough to deliver impact. “Blueprints do not build roads. Policies alone do not generate megawatts,” he said. “These goals require collective action.”

The president said the government recognises that public funding cannot meet the country’s growing infrastructure needs, and called for stronger collaboration with private sector players. “Our national aspirations far exceed what public budgets alone can deliver,” he said. “That is why we must innovate, and why we must work together.”

He added that the government is not asking investors to carry burdens but inviting them to explore genuine opportunities. “We are offering opportunities to create value,” he said. “We seek long-term partners who are ready to help us bridge our infrastructure gap with purpose and precision.”

The president said recent economic reforms, including fuel subsidy removal, foreign exchange liberalisation and improved revenue management, have laid a foundation for sustainable growth. He said the government has also strengthened the Infrastructure Concession Regulatory Commission to better regulate and de-risk PPP projects.

Mr Tinubu assured that viable projects would not be stalled by red tape. “We will fast-track approvals for viable projects,” he said. “We will ensure coordination across Ministries, Departments, and Agencies to enable swift implementation.”

He urged the private sector to bring not just capital, but also innovation, efficiency and integrity. “Nigeria offers scale, demand, and returns like no other African market,” he said. “But we need more than investment. We need commitment.”

He said the summit must produce practical results. “Let this summit be remembered not for fine speeches, but for bankable projects, signed deals, and enduring progress.”

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In his welcome address, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, said the summit was part of deliberate efforts by the Tinubu administration to turn public-private partnerships into a cornerstone of national development.

He said president Tinubu had strengthened the ICRC’s regulatory mandate and endorsed reforms that allow the agency to fast-track viable PPP projects. “In 2024, he directed that all MDAs must comply strictly with the ICRC Act and Guidelines in all PPP transactions,” Mr Ewalefoh said.

He noted that the administration had backed key infrastructure projects such as the Highway Development and Management Initiative (HDMI), the Ikere Gorge Dam, and the Dasin Hausa Dam in Adamawa State. “It is your Renewed Hope Agenda that has renewed the confidence of investors,” the ICRC boss said, praising the president for providing “unprecedented speed” in the approval of PPP proposals.

Mr Ewalefoh also reassured investors that Nigeria was open for business and ready for partnerships, with a population of over 200 million and an infrastructure gap estimated at $2.3 trillion.

The summit brought together stakeholders to explore how partnerships between government and private entities can help close Nigeria’s infrastructure gap and improve service delivery.