Nigeria will need 348 trillion nairas ($808.27 billion) to develop infrastructure over the next 10 years, with the private sector contributing 85.7% of the total amount, Business Day newspaper reported, quoting President Muhammadu Buhari.

The fund is needed to implement the newly launched National Development Plan for 2021-2025.

The government capital expenditure will be 49.7 trillion nairas (14.3%) during the period, while the balance of 298.3 trillion nairas (85.7%) is expected to come from the private sector, he stated.

The president said the government is leveraging the integrated national financing strategy to address the lack of foreign direct investment and financing in infrastructure schemes.

Buhari also pointed out that the government is willing to further improve security to attract new investments, as well as the overall economic and infrastructure development.

The government is also taking bold steps to address low revenues and is looking for ways to expand the financing envelope of the sustainable development goals.

(Editing by Cleofe Maceda;