PAPER ON INFRASTRUCTURE DEVELOPMENT AND ECONOMIC ...

Recommendations

Info

ATTAINING GOOD INFRASTRUCTURE DEVELOPMENT AND ECONOMIC EMPOWERMENTCONTD.NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS)Achievements of NEEDSThe achievements of the reforms have centered on macroeconomic stabilization of the Nigerianeconomy by improving budgetary planning and execution, and provided a platform for sustainedeconomic diversification and non-oil growth (Okonjo-Iweala and Osafo-Kwaako, 2007). The reformedfiscal policy had enabled accumulation of government savings for back-up purposes. Governmentbudgeting was based on conservative oil prices of $25 per barrel in 2004, $30 per barrel in 2005 and $35per barrel in 2006, despite higher realized prices of $38.3 and $54.2 in 2004 and 2005 respectively, and anestimated average price of $68 for 2006 (Ikonjo-Iweala and Osafo-Kwaako, 2007). This development hadhelped in declining government expenditure from oil revenue earnings. Gross excess crude savingtotaled about $6.35b at the end of 2004 and about $17.68b by the end of 2005 (CBN, 2006).Additionally,the external reserves had grown by an annual average rate of about 23% from US$7.68 billion in 2004 toUS$43 billion at the end of 2006, as against 12.2 percent target (IMF, 2007).Statistics provided by the IMF (2007) indicated Nigeria had experienced growth in virtually all its sectors ofthe economy during the first phase of NEEDS‟s implementation. Real GDP annual growth rate averaged6.6 percent (2004-2006) as against the annual target of 6.0 percent; phenomenal growth in the net inflowof foreign direct investment (FDI) and portfolio investment particularly in the banking andtelecommunications sectors was achieved. The FDI rose fromUS$1.866b in 2004 to US$2.3b and US$4.8b in2005 and 2006 respectively. However, the oil sector annual growth rate averaged 0.23 percent asagainst 0.0 percent targeted in the period 2004–2006 while the non-oil sector average annual growthrate was 8.2 percent as against the NEEDS target of 8.0percent between 2004 and 2006.The domestic and foreign debt profile had constituted another constraint on Nigeria’s macroeconomicstability. Under the reform programme, Nigeria was able to pay its debts arrears owed to someInternational Finance Institutions (IFIs) particularly the Paris and London Clubs via:Direct repayment where $6.4b was paid.Debt buys back arrangement where $8b was settled at 25% discount.Debts write-off where $16b was written-off by the creditors.J. Ajayi Patunola & Co.. Estate Surveyors & Valuers 28
ACHIEVING VIABLE INFRASTRUCTURE DEVELOPMENT IN NIGERIAThe country, as enumerated above is undoubtedly facing acuteshortage of infrastructure Development and effort must be gearedtowards devising various strategies to achieve a fascinatingInfrastructure Development across the country. It is a fact thatInfrastructure Development always brings about EconomicEmpowerment. Any effort towards Infrastructure Developmenttherefore will attract Economic Empowerment of the people and thenation.Presently, what obtains is an isolation development, mostly engineeredby political motives and extreme pressure from the people. TheInfrastructure Development in the country is being hindered by poorhandling and negative attitude of appointed supervisors to monitor theprojects. There are various ongoing projects in all the six geo-politicalzones of Nigeria and those consider not too important to embark on.(see Appendix)J. Ajayi Patunola & Co.. Estate Surveyors & Valuers 29
Page 1 and 2: THE NIGERIAN INSTITUTION OF ESTATE
Page 3 and 4: INTRODUCTIONInfrastructure is defin
Page 5 and 6: INTRODUCTION CONTD.Basically, in th
Page 7 and 8: NIGERIA AND INFRASTRUCTURE DEVELOPM
Page 9 and 10: Condition of Roads in NigeriaThe ra
Page 11 and 12: Condition of Rail Transport in Nige
Page 13 and 14: Air Transport Infrastructure in Nig
Page 15 and 16: Water Supply InfrastructureIt was s
Page 17 and 18: Nations General Infrastructure Inde
Page 19 and 20: SIGNIFICANCE OF INFRASTRUCTURE TO E
Page 21 and 22: INVESTMENT REQUIRED IN ACHIEVING NI
Page 23 and 24: ATTAINING GOOD INFRASTRUCTURE DEVEL
Page 25 and 26: Zonal CentresZonal CentresZonal Cen
Page 27: ATTAINING GOOD INFRASTRUCTURE DEVEL
Page 31 and 32: CONCLUSIONThe abundant resources in
Page 33 and 34: • Abdu Ja’afaruBambale (2011) -
Page 35 and 36: AppendixZonal Projects• SOUTH - W
Page 37 and 38: AppendixSingapore Approach: 8.1.3 (
Page 39 and 40: AppendixLIST OF NON-CRITICAL OR URG
Page 43 and 44: AppendixLIST OF NON-CRITICAL OR URG

PAPER ON INFRASTRUCTURE DEVELOPMENT AND ECONOMIC ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?