NIGERIA NEEDS $30 BILLION ANUALLY FOR INFRASTRUCTURE—IWEALA
Nigeria’s co-ordinating minister for the economy and minister of finance, Dr Ngozi Okonjo-Iweala, has stated that the country needs an annual infrastructural funding of $30 billion dollars to meet the nation’s infrastructural deficit. While speaking at the African Development bank debate, Dr Iweala stated that the country needs to start thinking about the future, citing the China example, she said: ‘The Chinese think in 50 year leap, which is why they are where they are’ she said.
Commenting on the progress made by the country so far, Dr Iweala stated that: ‘In order to judge where we are and where we are going, we need to see where we are came from…..somewhere we made a change…when we began to put the right policy in place to stabilise the economy.’
She affirmed the country’s position as the largest economy in Africa, saying that Nigeria accounts for one-quarter of the Continent’s GDP. She however agreed that the country’s growth is not trickling down, stating that the country is growing, but with more inequality and leaving many young people behind.