According to Nigeria's infrastructure masterplan we need to raise infrastructure stock to GDP from 25% of GDP to around 70%. Big EMs like India, China and gulf petro states were doing anywhere between 5-10% of GDP per annum. Last year helped by record borrowings we did 1.3% 
I admire BRF and he is clearly in campaign mode but NO the FG cannot fund infrastructure in Nigeria. Last year's 1.3% came after pushing debt/GDP by 200bps to 16% at a high cost. nearly 70% debt service to revenue. The FG balance sheet simply cannot take us from 1-5% of GDP
Is the $$$ we need to bridge the funding gap available locally? Banking assets to GDP is 31% but only 14% is for lending to the credit starved private sector with the remainder captured by the FG as borrowings and the CBN as per monetary policy and liquidity requirements
At 1% and 7% of GDP, Insurance and pension assets can help move the needle slightly. Over 80% of non-bank assets are in FGN debt instruments. If the FG created specific project based infra bonds these funds could be used as against financing largely fiscal recurrent deficits
So maybe with determination and sheer will we can get domestic funds to chip in say another 1% and hope the FG/States is able to maintain 1-2% we get 2% of GDP per annum in infrastructure financing. We still need some 200-300bps of funding to get to 5%. That money is not onshore
Foreign capital flows to Nigeria peaked at 4% of GDP during the era of global QE and as you guessed most of it was portfolio investors. But this suggests there is potential if we are ready and determined. Pricing for these guys is presently an issue because of our anyhowness.
But you see the problem there is a sizable funding shortfall to improve our infrastructure. We need a determined and ambitious leadership with razor sharp focus to improve on infrastructure. Present initiatives portray a lack of ambition. till then we keep dodging potholes.
