The International Monetary Fund has said Nigeria needs to invest $100bn in its road network to improve accessibility to all regions.
It said, “Nigeria will have to invest a significant share of its Gross Domestic Product to improve road access. While construction costs vary by type and region, we estimate an average cost per kilometer of about $550,000. The IMF estimated that on top of the two per cent of GDP per year on new road infrastructure, Nigeria would have to invest at least up to 0.5 per cent of GDP per year in refurbishing and modernising its existing road infrastructure.The IMF, however, said large proportion of the country’s 195,000 road network was in unsatisfactory condition due to insufficient maintenance.
“While no reliable government assessment of the road network quality is available, the condition of many roads seems deficient.”