One of the leading global rating agencies, Moody’s Investors Service, has stated that the infrastructure in Nigeria is behind other emerging market peers, with about $3 trillion needed over 30 years to close the gap. Given the budget constraints facing the country, the rating agency noted that addressing this shortfall will require financing from the private sector, multilateral development institutions and other non-state investors. The company, in its first report on the Nigerian infrastructure market obtained yesterday, noted that Nigeria faces many budgetary and financing challenges. It stated that weak institutions and governance frameworks along with a low tax base are hindering infrastructure investment, while financially strained utilities are unable to invest in improvements. It said: “Nigeria has a significant infrastructure deficit and faces additional pressures from a rapidly growing population. Nigeria’s current infrastructure stock lags behind emerging market peers, and it is a constraint on business […]