Bridging the Development Divide: Experts Call for Tapping Retirement Savings and Islamic Bonds to Finance Projects

The Nigerian Society of Engineers has emphasized that the country's budget is insufficient to cover its infrastructure needs, with a staggering N200 trillion required over the next 30 to 40 years to address these gaps.

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According to Valerie Agberagba, Deputy President of the NSE, domestic funding sources, such as pension funds and Sukuk bonds, can be leveraged to bridge the infrastructure gap across the nation.

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Agberagba made these remarks while speaking to newsmen at the inaugural West Africa Infrastructure Expo, which was organized by DMG Events and co-located with HVACR Nigeria, endorsed by the Air-Conditioning, Heating and Refrigeration Institute, AHRI, and ASHRAE RAL, Region-at-Large, in Lagos.

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She stressed the importance of prioritizing domestic funding before seeking foreign direct investment, stating that once domestic funds are utilized effectively, it will attract investors and reduce the need for external funding.

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Agberagba noted that utilizing domestic funds will demonstrate the country's commitment to driving infrastructure development, making it more attractive to potential investors.

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Josine Heijmans, Senior Vice President at DMG Events, highlighted the purpose of the summit, which is to bring together policymakers, project owners, investors, and delivery partners to focus on translating infrastructure and sustainable urban development issues into tangible outcomes.

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Heijmans emphasized that as Africa's largest economy, Nigeria is at a critical stage in its development journey, with long-term infrastructure ambitions, including reliable transport networks, resilient power systems, and digital connectivity, being crucial to economic growth and national progress.

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Apara Oluwarotimi, Project Manager at Ovamann Pumps, pointed out that Nigeria needs to improve its water infrastructure, stressing the importance of creating and maintaining water systems.

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Oluwarotimi noted that his company is currently the only one in Nigeria with a sustainable water system, which introduces solar power, highlighting the need for innovative solutions in the water infrastructure sector.

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Jana Kobeissi, Business Development Manager at Kobeissi Electrical & Mechanical Engineering, outlined the company's various business lines, including trading in MAB products, local fabrication of ventilation systems, and an ABB-certified panel-building facility.

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Hussam Aziz, Sales Manager for JMG Limited, emphasized the significance of the Nigerian HVAC market, driven by growing demand from sectors such as real estate, construction, and healthcare, and suggested collaborating with the government to enhance technical knowledge in the field.

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Pranav Rasannan, Technical Representative at Daitech Nigeria Limited, highlighted the company's role as the authorized distributor of Daikin, a reputable brand for air conditioning, with a wide network and after-sales service team in Nigeria.