The Vice President, Architect Mohammed Namadi Sambo, has described the private sector as key to the rapid development of infrastructure in the country considering its percentage of investment finance.
Sambo said this on Friday at the Banquet Hall of the State House in Abuja, in a keynote address he delivered at the inauguration of the National Steering Committee, Business Support Group, Technical Working Group and the Technical Working Groups for the Development of the National Integrated Infrastructure Master Plan, under the National Planning Commission
Sambo, who is the chairman of the National Planning Commission, stated that the private sector was the largest source of investment finance and that the inauguration of the Project Development Structure would mark the beginning of a process that demonstrates the administration’s commitment to growing and developing the economy and that the private sector was expected to play an increasing role in investment finance.
“It is our fervent hope that with the NIIMP, the contribution of the private sector will increase phenomenally,” said the vice president.
Sambo further restated the commitment of the administration to the pursuit of people-centered policies and programmes that would accelerate economic growth, with a corresponding increase in wealth and job creation to enhance and sustain the well-being of Nigerians.
Sambo congratulated the members of the newly inaugurated committee and urged them to be a part of history by working hard to produce the first integrated infrastructure master plan for the country, adding: “The NIIMP will be a legacy, which every well-meaning Nigerian will like to be associated with.”
The NIIMP was a brainchild of this administration under the National Planning Commission.
It is a 30-year development plan set up in September 2012 to address the infrastructure deficit of the country.
Its objectives are to coordinate approach to physical infrastructure for sustainable development; strengthen linkages between infrastructure sectors and the national economy; harmonize and integrate various infrastructure plans; prioritize projects and programmes; promote private sector participation; strengthen the policy, legal, regulatory and institutional frameworks; and enhance performance and efficiency of the economy.
The committee is expected to submit its assignment by April 2013 and the implementation of the 30-year master plan to commence in 2014.
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