Spending on infrastructure this year will increase by more than 25 per cent from the previous year in Nigeria and the rest of sub-Saharan Africa, and by 10 per cent annually over the next 10 years, PricewaterhouseCoopers has said.

The PwC, in its latest report entitled: ‘Capital projects & infrastructure in East Africa, Southern Africa and West Africa: Trends, challenges and future outlook’, issued in Lagos on Monday, stated that infrastructure spending in the regions would grow from $70bn in 2014 to $180bn per annum by 2025.

The report indicated that more than half of respondents in the survey stated that their planned spending on infrastructure – both new projects and refurbishment of assets – would increase by more than 25 per cent from the previous year.

“They said much of their spending would be focused on new development, with 51 per cent of all respondents planning to spend more than half of their budgets on new assets,” the report noted.

According to the report, Nigeria and South Africa have the most ambitious infrastructure programmes and together make up almost 60 per cent of the spend across sub-Saharan Africa.

The report read in part, “While the continents infrastructure currently lags well behind that of the rest of the world with some 30 per cent in a dilapidated condition, there is widespread recognition of the vast business opportunities on the continent as a growing consumer market as well as the vast opportunities for infrastructure investment and development.”

A partner with PwC, Mr. Ian Aruofor, said the report, which contained the findings of a 2014 survey of key players in the infrastructure sector, including donor funds, financiers, government organisations and private companies across East, West and Southern Africa, indicated an opportunity-filled future for infrastructure development in sub-Saharan Africa.

He noted that the sectors surveyed included water, transport and logistics, energy, mining, telecoms and real estate, with the main focus being on economic infrastructure.

The Capital Projects and Infrastructure Leader for PwC Africa, Mr. Jonathan Cawood, said the interest in infrastructure across the globe had increased over the years.


http://www.punchng.com/business/business-economy/pwc-predicts-25-rise-in-infrastructure-spending/

Much needed...