Lagos — Governor Babatunde Fashola of Lagos State said Tuesday that if all infrastructural problems of water, roads, and security confronting the state must be addressed, the government would require about $30 to $40 billion.

Speaking Tuesday at the Nigeria Infrastructure Investor Projects Summit, the governor stressed that this has become imperative against the backdrop of population explosion in Lagos.

Fashola who spoke through the state Commissioner for Finance, Hon. Rotimi Oyekan who noted that infrastructure play a key role in uplifting the living standard of the people, said that the state government had already triggered infrastructural development in the areas of transportation, waste management, security, water and land use, just as he stressed that Lagos state government has concluded arrangements to embark on large reforms that would create an enabling environment for investment to thrive.

Fashola who disclosed that as part of moves to develop the state, there were plans for the enactment of law that will give room for inflow of private capital, even as he said the state has always been an advocate of public private partnership initiative. According to him, "Lagos State has always been on the vanguard of PPP. We are looking at 10 lanes highway, we are committed to getting the company that has experience to deal with that." The governor, who reiterated that Lagos in March this year launched the BRT that transports 65,000 people daily, said it was achieved through a vibrant collaboration with major players in the industry, adding that as part of arrangements by the state to move to the next level as well as take the private sector involvement into development, Lagos State government would soon establish the Public Private Partnership {PPP} office.

In his remarks, the Managing Director, Zenith Bank, Mr. Jim Ovia who noted that for Nigeria to achieve the set vision 2020 target, said the country must close the very wide gap between the Gross Domestic Product (GDP) of Nigeria and other countries, even as he advised that the private sector must also be mobilized. Ovia, who was quite optimistic that the country would get there with diligence and focus, said with the enactment of enabling laws of the public private partnership such as the Bureau for Private Partnership (BPP Act 2007 and the Infrastructure Regulation Commission to enhance probity, the coast was clear.

The Zenith Bank boss, who stressed the need for congenial environment in investment in the country, said many countries compete for foreign investment, adding that investors dream is to embrace a conducive environment for investment. According to him, "Investors will go to where there is the right environment since there are so many countries competing for foreign investment, so if we create the enabling environment financing will definitely come to Nigeria". Earlier in his opening remarks, the Chairman, Africa Investor and Executive President, African Business Roundtable the Alhaji Bamanga Tukur who explained that the summit was a response to President Yar'Adua's bid to meet the nation's energy deficit, said there was nothing wrong for a nation to set out a particular target for future development, but warned that the most challenging issue towards the realisation of such a goal should be the building of a world-class

"Africa needs more infrastructure in order to realise its full economic growth potential. We know this well from road links to broadband connectivity, from deep ports to wide runways, Nigeria needs to link to the outside world. Critically, we have to bridge the infrastructure gap, especially power, transportation, and strengthen human capacity, to achieve our target. "To attain Vision 2020, the private sector is encouraged to provide the critical funding for national infrastructure development needs.

The benefits for Nigeria are vast, by investing to develop infrastructure on par with the rest of the world, Nigeria will stimulate both domestic and international trade, improve quality of life for its citizens and create an environment that encourages foreign investors to come in", he added.