The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said $2.3trn is needed to modernize Nigeria’s infrastructure over the next 21 years.

The minister disclosed this while speaking at the Integrated Infrastructural Research for Development conference held in Abuja on Friday.

She stated that the revised National Integrated Infrastructure Master Plan was meant to fund key sectors in the economy such as power, rail, roads, housing and agriculture from 2022 to 2043.

Speaking further, Ahmed noted that extensive consultation with the private sector had created an innovative approach to financing infrastructure projects.

Citing an example, she said the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme launched in 2019 leveraged private sector expertise to construct repair and maintain critical federal roads.