Some leading financial and economic development experts have urged the Federal Government to adopt the Chinese model in infrastructure development in its current efforts aimed at creating enabling environment for business enterprises to thrive in the country.
This is even as they canvassed protective policies for the nation’s economy as the nation continues to groan under deluge of imported goods and services and the attendant negative implications for sustainable growth of the economy.
The experts, who proffered these panacea at the workshop organised by the Nigeria Deposit Insurance Corporation (INDIC) for Business Editors and Finance Correspondents in Kaduna, noted that it had become imperative for government to show more commitment in provision of more roads and railway system in view of their crucial roles in economic growth.
In his paper at the forum, an economic analyst and consultant,Dr. Biodun Adedipe, pointed out that since infrastructuredevelopment remained key to the economic growth, the President Buhari-led administration should learn from the experience of China, whose roads and rail systems are now among the best globally.
According to him, China came up with a 30 years infrastructure development model in 2004 to build roads that will overtake U.S.’ Infrastructure base and has today moved its infrastructure standard to a level that makes doing business cost-efficient and competitive for the country.
Adedipe explained: “U.S has 75,000 km of expressway, but China set a target of 85,000 km expressways to be delivered in 30 years from 2004 to 2034.
By 2007,China already has 53,000 km of expressway. So, they reviewed the target date backward to 2010 and by 2010, they achieve their target,” he stressed.
“They did no magic. They agreed on what they wanted to do, they committed resources to it and they ensure it was done.
They equally did similar thing in their railways system and today, they are better for it. Nigeria must think this way too, if it is serious about building thwarted required infrastructure in the country,” he added.
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