ROAD INFRASTRUCTURE FINANCING IN NIGERIA: ASSESSMENT OF THE INFRASTRUCTURE FUND INVESTMENT POLICY

Nigeria faces an existential challenge of a huge public infrastructure deficit and a surging population of over 198 million people. The population challenge puts pressure on public infrastructure in Nigeria. In the light of this, the paper assessed the infrastructure fund investment policy in Nigeria, and infrastructure financing mechanism and how it measures up to the challenges. In addition, it examined the prospects and impact of the infrastructure fund investment policy on the road sector in Nigeria. The paper employed an integrated method of analysis consisting of the examination of existing data and documentary materials. The study revealed extent of the infrastructure deficit in Nigeria, and most State and Local governments of the Federation have not accessed the infrastructure fund. Lagos State, however, has access and is using the fund. The Fund seeks to invest in a manner, which is coordinated to the extent feasible, and is technically consistent with the infrastructure priorities and plans developed by the appropriate ministries and agencies. The study recommends that awareness to sensitise on the infrastructure fund investment policy in Nigeria and various infrastructure-financing mechanisms