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Tag: Adekunle Oyinloye

‘Infrastructure sector grossly underdeveloped’

‘Infrastructure sector grossly underdeveloped’

Business
Requires properly-regulated market to bridge gapNigeria’s infrastructure sector is grossly underdeveloped and has limited access to social services and significantly increased cost of production and trade. This was the submission of the Former Chief Executive Officer of The Infrastructure Bank Plc, Adekunle Oyinloye, at the 2020 stockbrokers’ conference in Lagos. According to him, the value of Nigeria’s infrastructure, which is about 35% of the nation’s gross domestic product (GDP), is low when compared to 70% contributions from peers in other emerging economies, with public infrastructure expenditure valued at 3.5% of total GDP. He argued that the infrastructure deficit in Nigeria cannot be bridged through public resources alone as it will cripple the economy amid current...