Fashola on new ways of funding
You're referring to Babatunde Fashola, the former Governor of Lagos State and current Minister of Works and Housing in Nigeria. He has been a vocal advocate for innovative ways to fund infrastructure development in Nigeria. Here are some of the new ways of funding that he has proposed or supported:
- Public-Private Partnerships (PPPs): Fashola has emphasized the importance of PPPs in funding infrastructure projects. PPPs involve collaboration between the government and private sector companies to deliver projects, with the private sector providing financing and expertise.
- Infrastructure Bonds: Fashola has suggested the issuance of infrastructure bonds to raise funds for infrastructure development. This would allow the government to borrow money from investors to finance specific projects.
- Tax Increment Financing (TIF): TIF is a financing mechanism that allows local governments to borrow money to fund infrastructure projects, with the expectation that the increased property values generated by the projects will provide a source of repayment.
- Private Sector Funding: Fashola has encouraged the private sector to invest in infrastructure development, particularly in areas such as transportation, energy, and water supply.
- Green Bonds: Green bonds are a type of bond that is specifically used to finance environmentally friendly projects. Fashola has suggested that Nigeria could issue green bonds to raise funds for sustainable infrastructure projects.
- Infrastructure Trust Funds: Fashola has proposed the establishment of infrastructure trust funds, which would be dedicated funds set aside to finance specific infrastructure projects.
- Concessionaires: Fashola has suggested that the government could concession infrastructure projects to private companies, which would provide financing and operate the projects in exchange for a share of the revenue generated.
- Infrastructure Development Banks: Fashola has proposed the establishment of infrastructure development banks to provide financing for infrastructure projects. These banks would be designed to provide long-term financing for large-scale infrastructure projects.
- Asset Recycling: Fashola has suggested that the government could recycle assets, such as underutilized or abandoned infrastructure, to generate revenue and fund new infrastructure projects.
- International Cooperation: Fashola has emphasized the importance of international cooperation in funding infrastructure development in Nigeria. He has suggested that Nigeria could seek funding from international organizations, such as the World Bank and the African Development Bank, as well as from foreign governments and private sector companies.
These are some of the new ways of funding that Fashola has proposed or supported. His ideas aim to address the funding challenges facing Nigeria's infrastructure development and to attract more private sector investment in the sector.