TheCable

President Muhammadu Buhari says his administration has “doubled” the stock of Nigeria’s infrastructure to gross domestic product (GDP) to over 40 percent.

According to a statement by Garba Shehu, presidential aide, Buhari spoke on Tuesday during the virtual commissioning of the Second Niger Bridge, the Ikom Bridge, the Loko-Oweto Bridge, and other projects.

The president claimed his administration had increased the country’s infrastructure stock against its GDP by 20 percent in the last eight years.

The infrastructure stock-to-GDP ratio measures the amount of spending on infrastructure relative to the size of a country’s economy.

According to International Monetary Fund (IMF), Nigeria’s GDP is currently $477.38 billion, and the figure is estimated to reach $506.6 billion before the end of 2023.

The recommended ratio of infrastructure stock to GDP for competitive economies is 70 percent.

“As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income,” Buhari said.

“In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20 percent to over 40 percent, and that is no small undertaking.

“The projects that we hand over today, apart from others, such as rail, sea and airports, gas pipeline projects, that have been previously completed, symbolise our country’s sharp focus on delivering prosperity,” he said.

Buhari added that his administration focused on infrastructure “as a tool to fight poverty, to create economic growth and employment, and to open the path of prosperity for our people”.

“The Ikom Bridge is meant to boost trade in and around the Calabar port and free zone and facilitate transport connectivity from the south-south, through the north-central to the north-east. This is a bridge across the Cross River itself,” the president said.

“The Second Niger Bridge, which has been long in the making, and is certainly now a reality, is a bridge of choice across the River Niger to bring relief to those crossing from the south-east to the south-west.

“The Loko-Oweto Bridge, across the River Benue, will provide shorter connectivity for those traversing from Benue to Nasarawa and the federal capital territory (FCT). It cuts off travel through Lafia and provides connectivity to Keffi and Abuja.”

TheCable earlier reported that the south-east governors had agreed to name the newly inaugurated Second Niger Bridge after Buhari.