President Bola Ahmed Tinubu has said his administration inherited severe liabilities from his predecessors, lamenting that Nigeria has serious deficits in port and power infrastructure and agro-allied facilities.
The president, who said he would not make any excuses, however, noted his government also inherited assets.
Daily Trust reports that he made the statement on Monday night in Mecca, Saudi Arabia, while advancing negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at Nigeria’s federal and sub-national levels.
“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country.
“These deficits present unrivalled opportunity for savvy investors in a market that is by far the largest on the continent. Yes, we had the vision to enable Lekki Deep Seaport before others saw it. We must be bold again.
“We inherited serious liabilities, but also assets from our predecessors. We do not make any excuses. There are several sectors replete with investment opportunities for smart investors. Access to finance and guarantees can be a hindrance in some cases. You can come in there.
“We see you as a critical enabler. You have partnered with us before. We want to scale it up now and do much more with greater ambition and clearer vision,” the president stated.
The president thanked the Islamic Development Bank management while pledging the unwavering commitment of his administration to win investors’ trust and confidence.