Stakeholders have urged government to develop new ways to improved internally generated revenue and also embrace alternative financing to boost infrastructure development in the country.
They made the call on Wednesday in Abuja at the ongoing Water Africa and West Africa Building Construction Exhibition and Seminar Organized by Ace Event Management in Collaboration with Nigerian Institute of Water Engineers and facilitated by Weircapacity Limited.
Dr. Chris Mamuda of the Global Spring Business Advisors Limited Nigeria during a paper presentation on Innovative financing options for infrastructural development in Nigeria noted that traditionally funding Infrastructure projects have been the preserve of the government where public funds are raised through fiscal measures such as Taxes.
He stressed the need for government to develop new ways to improve internal revenue mobilization; collecting taxes efficiently and utilizing all available revenue sources to enable them raise their revenue profile and improve their creditworthiness.
He said “As part of policy efforts, government should design a national infrastructure financing model for prioritized project with clear legal frameworks, institutional arrangement sources of fund, partnerships and return on investment.’
Also speaking in a presentation on Alternative Options for Financing Infrastructure in Nigeria, Nyananso Ekanem of Weircapacity Limited noted that the need for infrastructural development cannot be over emphasized as government cannot bear the burden of funding infrastructure development alone.
Ekanem noted that there is finance available for projects, when projects are structured properly and made attractive enough for investors to get involved.
He highlighted alternative options for financing infrastructure include:Infrastructure investment funds (IIF); Crowdsourcing and crowdfunding ; Direct institutional investment in infrastructure projects .
An official of the Nigerian Building and Research Institute Phillip Ayhok while delivering a paper on Spontaneous Development: A case study of Selected areas in Jos, Plateau State, Kingun,noted that the rapid growth of urban population in developing countries over the past four decades can be attributed to both natural and rural urban migration.
He pointed out that Natural increase is fueled by improvement in food supplies, better sanitation and advancement in medical health care that reduces death rates and causes population to grow both within the cities and in rural areas around them.
Ayhok said to cater to the developments spontaneous development areas or settlements need relief sensitive planning frameworks to guide their developments, i.e., the density, plot sizes and demarcation, structural orientation, designs that are in conformity with the general layout of the environment.
He stressed that supervision of housing projects should be strengthened through the effective enforcement of the town planning act to ensure that developers observe compliance and maintain standards, ensure basic sanitary standards during housing construction.