{"id":52473,"date":"2021-09-25T20:22:49","date_gmt":"2021-09-25T19:22:49","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=52473"},"modified":"2021-09-25T20:22:49","modified_gmt":"2021-09-25T19:22:49","slug":"fg-needs-100bn-annually-to-address-infrastructure-deficit-emefiele","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fg-needs-100bn-annually-to-address-infrastructure-deficit-emefiele\/","title":{"rendered":"FG Needs $100bn Annually To Address Infrastructure Deficit \u2014Emefiele"},"content":{"rendered":"

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Saturday, said that the Federal Government needed about US$100 billion annually to address the nation\u2019s infrastructure deficit.<\/p>\n

Emefiele made the disclosure at the 30th Anniversary Conference and Awards of the Finance Correspondents Association of Nigeria at Dover Hotel, Ikeja, Lagos.<\/p>\n

The two-day conference has \u2018Financing Infrastructure and SMEs for Inclusive Growth in Post-COVID-19 Economy\u2019 as theme.<\/p>\n

\u201cIn Nigeria, the current level of infrastructure deficit is a major constraint to economic development and attainment of growth average rate of at least five to seven per cent required to boost productivity and sustainable growth for businesses.<\/p>\n

\u201cAccording to the World Development Indicators (2019), 56.20 per cent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018.<\/p>\n

\u201cWhile infrastructure deficit in Nigeria is estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about US$100 billion annually to address the nation\u2019s infrastructural deficit,\u201d Emefiele said.<\/p>\n

He was represented by the Director of Corporate Communications Department of CBN, Osita Nwanisobi.<\/p>\n

\n
The apex bank governor said also that lack of access to quality infrastructure had been a limiting factor to MSMEs in developing countries delivering on their potential for growth and employment creation.He said that a survey by Price Waterhouse Coopers revealed that the formal MSMEs have been identified to contribute about 40 per cent of GDP in emerging economies, of which Nigeria was one.<\/p>\n

Beyond infrastructure, he said that access to finance remained one of the biggest threats to MSME development in both developed and developing economies alike.<\/p>\n

According to him, this is with serious implications for productivity, economic development, and job creation.<\/p>

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He said the survey also showed that access to credit had been identified as a critical enabler for the growth and development of MSMEs in developing countries.<\/p>\n

Emefiele said the overall credit gap for MSMEs was estimated to be US$5.2 trillion, representing 19 per cent of these countries\u2019 cumulative GDP.<\/p>\n

Of this, the unmet financing demand from MSMEs in sub-Saharan Africa is about US$331 billion, representing 18 per cent of the potential demand for credit by MSMEs in the region.<\/p>\n

Emefiele regretted the numerous challenges MSMEs in Nigeria were facing in spite of their huge contributions to the nation\u2019s GDP.<\/p>\n

\u201cWith over 42 million MSMEs in Nigeria contributing 49.78 per cent to the nation\u2019s GDP, 7.64 per cent of exports and employing 76.5 per cent of workforce, the sector is faced with numerous challenges that continue to limit the enterprises\u2019 potential to contribute to economic growth and development.<\/p>\n

\u201cAccording to PwC, access to electricity accounts for the major share of costs to daily operations of MSMEs.<\/p>\n

\u201cThe energy sector is overwhelmed by a plethora of challenges ranging from operational inefficiencies to infrastructure deficiencies, which have resulted in inadequate electricity supply by households and businesses in Nigeria.<\/p>\n

\u201cThis has contributed significant economic costs to MSMEs, thus hampering their competitiveness and contribution to economic growth,\u201d he said.<\/p>\n

(NAN)<\/p>\n<\/div>\n<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Saturday, said that the Federal Government needed about US$100 billion annually to address the nation\u2019s infrastructure deficit.<\/p>\n","protected":false},"author":6,"featured_media":30463,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[551,3528],"coauthors":[2391],"class_list":["post-52473","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-central-bank-of-nigeria","tag-godwin-emefiele"],"yoast_head":"\nFG Needs $100bn Annually To Address Infrastructure Deficit \u2014Emefiele - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fg-needs-100bn-annually-to-address-infrastructure-deficit-emefiele\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG Needs $100bn Annually To Address Infrastructure Deficit \u2014Emefiele - 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