$3tn Infrastructure Deficit Stopping Nigeria’s Growth – CIBN

Banking Industry Struggling To Survive Rapid Innovations - CIBN

According to the Chartered Institute of Bankers of Nigeria (CIBN), a lack of critical infrastructure development has hampered the country’s economic potential over the years.

This is according to a statement by the institute’s Chairman, Ken Opara, who made this known during the recent 2022 CIBN Fellowship Investiture event.

Speaking on the topic of this year’s event, Bridging the Infrastructure Deficit: The Role of Financial Institutions, Opara stated that additional infrastructure investment is required in the context of sustainable development, clean energy transition, and post-pandemic economic recovery.

He said, “Over the years, the public infrastructure deficit in Nigeria has become an issue of major concern. Generally, infrastructure is the foundation on which economic activities thrive.

“According to the Africa Infrastructure Country Diagnostic Report released in 2011 titled “Nigeria Infrastructure: A Continental Perspective”, about 40 per cent of the productivity are caused by infrastructure constraints.

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