{"id":437462,"date":"2011-06-07T13:00:12","date_gmt":"2011-06-07T13:00:12","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/07\/africa-spends-12-gdp-on-infrastructure-%e2%80%93-sanusi\/"},"modified":"2011-06-07T13:00:12","modified_gmt":"2011-06-07T13:00:12","slug":"africa-spends-12-gdp-on-infrastructure-sanusi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/07\/africa-spends-12-gdp-on-infrastructure-sanusi\/","title":{"rendered":"Africa spends 12 % GDP on infrastructure \u2013 Sanusi"},"content":{"rendered":"<div readability=\"103\">\n<p>London \u2013 CBN Governor, Sanusi Lamido Sanusi, said on Monday that African countries spent nearly 12 per cent of its Gross Domestic Product (GDP) on infrastructure.<\/p>\n<p>Sanusi said this in a paper he presented at the West Africa Global Trade and Investment Forum organised by Business In Africa Events in London.<\/p>\n<p>Represented by one of his deputies, Dr Sarah Adeola, Sanusi\u00a0 said\u00a0 the continent\u2019s infrastructural services were more expensive when compared to anywhere across the globe.<\/p>\n<p>\u201cUnmet funding needs are also very evident,\u2019\u2019 the Europe Correspondent of the News Agency of Nigeria (NAN) quotes Sanusi as saying.<\/p>\n<p>He explained further that required spending on infrastructure was estimated at nearly 93.3 billion dollars, adding that currently spending deficit for Sub-Sahara Africa was about 45 billion dollars.<\/p>\n<p>Sanusi, while advocating for a regional solution, noted that there was need to create a conducive environment, improve the capacity of the local market and improve on legal framework.<\/p>\n<p>\u201cWe need transparent concession processes, strong political legal and regulatory framework , well cut out mutually agreed concession, PPP arrangement and strong public sector support for projects,\u2019\u2019 he said.<\/p>\n<p>He said\u00a0 private finance alone could not address the infrastructural challenges and government must look at other sources of funding such as pensions\u00a0 and loans from multilateral agencies and bodies.<\/p>\n<p>\u201cIn Nigeria, presently our infrastructure is largely financed by government through its capital project which is inadequate; We are now looking at the Pension funds,\u2019\u2019 he said.<\/p>\n<p>He explained further that because of some restrictive policies, CBN has not been able to channel the funds into infrastructural development.<\/p>\n<p>\u201cOur view is that the fund cannot just stay there, they are funds we can use to develop infrastructure,\u2019\u2019 Sanusi said.<\/p>\n<p>Also, Mr Phil Baines, Chief Operating Officer HSBC Bank Plc commended the federal government for\u00a0 establishing the Sovereign Wealth Fund (SWF).<\/p>\n<p>He explained that it was heart warming to know that the fund would pave way for the country as the biggest oil exporter to improve its management of windfall crude oil earnings.<\/p>\n<p>Also speaking, Mr Roger Brown, Head of Oil, Gas Renewables, Standard Bank, noted that the challenge facing Africa was its continuous drive for investment rather than building its local market.<\/p>\n<p>\u201cAfrica needs to step away from the direct investment option and support local businesses to run themselves,\u2019\u2019 Brown said. (NAN)<\/p>\n<\/div>\n<p>Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n<p>See original here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.vanguardngr.com\/2011\/06\/africa-spends-12-gdp-on-infrastructure-sanusi\/\" title=\"Africa spends 12 % GDP on infrastructure \u2013 Sanusi\" rel=\"noopener noreferrer\">Africa spends 12 % GDP on infrastructure \u2013 Sanusi<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> London \u2013 CBN Governor, Sanusi Lamido Sanusi, said on Monday that African countries spent nearly 12 per cent of its Gross Domestic Product (GDP) on infrastructure. Sanusi said this in a paper he presented at the West Africa Global Trade and Investment Forum organised by Business In Africa Events in London. Represented by one of his deputies, Dr Sarah Adeola, Sanusi\u00a0 said\u00a0 the continent\u2019s infrastructural services were more expensive when compared to anywhere across the globe. <\/p>\n","protected":false},"author":0,"featured_media":437443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-437462","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Africa spends 12 % GDP on infrastructure \u2013 Sanusi - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/07\/africa-spends-12-gdp-on-infrastructure-sanusi\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Africa spends 12 % GDP on infrastructure \u2013 Sanusi - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"London \u2013 CBN Governor, Sanusi Lamido Sanusi, said on Monday that African countries spent nearly 12 per cent of its Gross Domestic Product (GDP) on infrastructure. 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