Infrastructure

The presence of good infrastructure in any society will improve the living standard and economic well being of the country. Infrastructure Development involves fundamental structures that are required for the functioning of a community & society.

This is usually referred to structures like roads, water supply, sewers, electrical grids, telecommunications, renewable energy, and so on Investment in infrastructure development can boost the economic growth and poverty reduction. The establishment of the legal and legislative framework for  projects like roadways, electric grids, telecommunications, and renewable energy (can be considered in the future) in a transparent and accountable will ensure a sustainable development. Projects like housing, sanitation, basic hygiene provision, water sources identification & boring (wells), purification systems for clean water are also part of infrastructural development.

Infrastructure investment consists of capital-intensive projects, which in most countriesare largely publicly owned and regulated, and which also provides the backbone of the production and distribution system. They are often regarded as the wheel of economic activity because of the crucial role they play in providing the foundation upon which production and distribution stand. In addition, these projects go through a procurement and implementation process. (Economic Reflection Vol B. No. 4 April 2008).

Infrastructure contributes to raising the quality of life by creating amenities, providing consumption goods (transport, energy and communication services and contributing to macroeconomic stability. In the sub-Saharan region, Nigeria in particular traffic congestion, lack of railways, power blackouts in major cities, bad quality of roads, access to capital and market, inadequate telecommunication services, shortage of drinking, irrigation and industrial water, all bear witness to the inadequate existing infrastructure facilities.

Some of the issues that need to be sorted out in the Nigeria infrastructural sector include Clearer legal and regulatory framework, improved and efficient competitive bidding procedures, consistent sector policies, (e.g.tariffs regimes, rule of engagement), strengthened management of fiscal obligations and supportive regulatory environment are key.