Key points:
- Former Adamawa State Governor, Boni Haruna, says Nigeria’s infrastructure crisis is largely caused by policy inconsistency and project abandonment rather than lack of funds.
- Stakeholders at the 2026 Infrastructure Dialogue identified contract inflation, weak coordination and political interference as major obstacles to national development.
- The Bank of Industry says it has secured board approval for a phased $1 billion loan syndication to support infrastructure financing.
Main story
Former Governor of Adamawa State, Boni Haruna, has blamed Nigeria’s growing infrastructure deficit on policy discontinuity and the persistent abandonment of projects by successive administrations.
Haruna made the remarks on Thursday in Abuja during a goodwill message delivered on the second day of the 2026 Infrastructure Dialogue themed, “Building Nigeria’s Future: The Strategic Role of DFIs and Capital Markets in Infrastructure Financing and Economic Development.”
The former governor argued that Nigeria’s infrastructure challenges are not necessarily caused by inadequate funding, but by the failure of governments to sustain and complete projects initiated by previous administrations.
According to him, infrastructure development requires long-term planning, continuity and institutional commitment beyond political cycles.
“Infrastructure takes time to evolve. There are many abandoned projects in the country because successive governments often execute different projects from their predecessors,” he said.
Haruna called for the institutionalisation of what he described as the “legislation of continuity” for major national projects to ensure that approved infrastructure programmes are protected from political changes.
“Once a project passes Federal Executive Council and National Assembly approval, it should be binding. Some countries like South Africa succeeded because their programmes are backed by essential laws, not just policy,” he stated.
He also urged the government to shield technical and development institutions such as the Bank of Industry from political interference to improve efficiency and long-term planning.
The issues
Nigeria continues to face a massive infrastructure gap across key sectors including roads, power, transportation, telecommunications and ports, despite repeated government promises and increased borrowing for capital projects.
Stakeholders at the dialogue identified policy inconsistency, project abandonment, inflated contract costs, weak institutional coordination and poor financial management as major factors slowing infrastructure development.
Convener of the dialogue and Managing Partner of Deutsche Partners Holdings, Onuoha Nnachi, described contract overpricing as a major threat to national development.
Nnachi recounted a 21-year-old power project whose cost allegedly rose from ₦6.2 billion to ₦26 billion during the approval process, while mobilisation fees increased from 15 per cent to 50 per cent.
“Contract overpricing is cancerous to Nigeria’s infrastructure. I can use a soil type definition to increase the cost of a one-kilometre road from two billion to five billion naira, and there is nothing you can do about it,” he said.
He warned that without transparency, prudent financial management and coordinated planning, Nigeria would struggle to close its infrastructure deficit.
What’s being said
Stakeholders at the event stressed the need for stronger collaboration between development finance institutions, capital market operators and government agencies to unlock long-term infrastructure funding.
Executive Director for Small and Medium Enterprises at the Bank of Industry, Toyin Edu, said government resources alone were insufficient to bridge Nigeria’s infrastructure financing gap.
Edu disclosed that the BOI had secured board approval to raise a phased $1 billion syndicated loan to support strategic infrastructure projects across the country.
“Infrastructure is the backbone of our economic success. We are currently partnering with telecom giants to deploy fibre optic cables and working on port projects to facilitate trade,” he said.
He added that the bank remained committed to supporting alternative financing mechanisms capable of driving industrial growth and economic development.
Meanwhile, Nnachi commended Nasarawa State Governor, Abdullahi Sule, for what he described as prudent financial management and transparent governance.
According to him, Nasarawa State has attracted more than $2 billion in foreign direct investment through investor-friendly policies and improved accountability.
What’s next
The 2026 Infrastructure Dialogue is expected to continue with panel discussions involving experts from development finance institutions, the capital market and the private sector.
Participants are expected to explore strategies for mobilising domestic savings, strengthening infrastructure financing frameworks and improving transparency in project execution.
Stakeholders also hope the recommendations from the dialogue will influence future policy reforms aimed at reducing project abandonment, improving institutional continuity and attracting sustainable investments into Nigeria’s infrastructure sector.
Bottom line
Stakeholders at the 2026 Infrastructure Dialogue say Nigeria’s infrastructure crisis is less about the absence of funds and more about weak policy continuity, inflated contracts and ineffective project management.
As the country seeks to accelerate economic growth and attract investment, experts argue that long-term planning, transparency and institutional stability will be critical to delivering sustainable infrastructure development.
