President Muhammadu Buhari has stated how he is 8 years in office was able to double Nigeria's stock of infrastructure to GDP from 20% to 40%.
"In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20% to over 40%, and that is no small undertaking.
This happened when global oil prices plunged to almost zero, when we encountered a recession that was not predicted, when we dealt with a pandemic that was unforeseen and when we are still grappling with the global effects of an ongoing war in Europe.
So, as we look at Nigeria's debt profile, I urge us to also look at the assets and investment profiles, some of which was paid for by debt and some by investment income.
The wealth and prosperity of many nations, especially post-war Europe, was built largely on infrastructure and on debt redeemed over decades. Some of the projects are commercially self-liquidating.
Without investing in infrastructure, the road out of poverty is a much tougher one."
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