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Home Economy

Budgetary allocations will not solve Nigeria’s infrastructure needs- Olabinjo

Business 360 by Business 360
December 10, 2020
in Economy, Finance, News
0
Budgetary allocations will not solve Nigeria’s infrastructure needs- Olabinjo

The Managing Director/ Chief Executive Officer, Skystone Capital & Investment Ltd., Mr Ola Olabinjo, has identified debt capital financing as the major solution to the country’s infrastructure deficit.

Olabinjo explained that the country’s infrastructure deficit and needs cannot be addressed with yearly budgetary allocations.

Olabinjo said at a meeting in Lagos that the quest by the Federal Government to develop the critical infrastructure needed to attract investment, growth and development could only be achieved through debt capital financing. 

He, therefore, urged Nigerians to embrace opportunities inherent in the debt capital in solving the lingering infrastructure deficit.

Olabinjo said that the continued allocation and appropriation in the budget for development of the critical infrastructure sector of the economy, amounted to paying lip service to infrastructure development. 

“The budget allocation for infrastructure for the 2021 fiscal year is a drop of water in the ocean.

“It cannot maintain the existing infrastructure let alone develop new ones.

“The only way to think out of the box and think afresh is new ways of tackling infrastructure development,” he said.

He said that government as a matter of urgency must put in place friendly and attractive business policies that would not be inimical to both local and foreign investors. 

Olabinjo said that legal/regulatory framework must be right to attract the needed debt capital for infrastructure development.

He said that Nigeria cannot extricate itself from the infrastructural deficit it found itself presently, if it continued to allocate and appropriate funds in the budget for building of roads, development of the educational sector, amongst others.

 “We need to reassess and rethink the way we go about financing projects in the  domestic economy.

“Debt market is still a major source of financing that can bring back moribund companies,” Olabinjo said.

 The investment expert said that there was $100 trillion debt fund at zero interest looking for safe environment and opportunities.

He disclosed that Egypt, Morocco and Ghana were already enjoying the funds.

According to him, Nigeria is in a better position to attract these funds due to its population size and high return on investment.

“Our tax enforcement should be pursued aggressively. Multiple taxation must be jetisoned. 

“The issues of our treaty, commercial dispute resolution, stable foreign exchange policy are key issues to be addressed to attract these funds,” he added.

On the company’s drive to help grow the economy through development of small businesses,  Olabinjo said the company would in the early 2021 bring about six companies to the capital market for debt capital raising. 

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