Program: Development Studies Course Title: Dealing with Africa's infrastructure Deficits Course Code: RPPM612 Total Credits: 1.5 Total lecture Hours: 7.5.

Program: Development Studies Course Title: Dealing with Africa's infrastructure Deficits Course Code: RPPM612Total Credits: 1.5Total lecture Hours: 7.5Course Lecturer: Uwem Essia

COURSE OVERVIEW AND OUTLINECourse DescriptionThe course reviews Africa’s infrastructure deficits; how it impede development, and how the gaps can be filled. Review of the economic outlook for sub-Saharan Africa (SSA) countries, and assessment of infrastructure gaps and how to fill them.Other areas covered include:•Africa’s High-Cost Infrastructure•Infrastructure Financing Options•The role of sound Public Financial Management•The option of Public Private Partnerships (PPPs)

COURSE OVERVIEW AND OUTLINEPedagogic Goal • The students are able to conceptualize and implement

infrastructure development programs in the SSA countries.Pedagogic Objectives• Students identify and assess infrastructure deficits. • Students are able to link infrastructure deficits to poor

development performance in Africa.• Students learn about possible financing options.Learning Objectives• More students are able to relate the development challenges

in their countries and communities to infrastructure deficits.• Students learn the importance of infrastructures to regional

development.• The importance of regional infrastructure networks to overall

development of the SSA region understood.

COURSE OVERVIEW AND OUTLINELearning Outcomes• The students participate in planning and management

of infrastructures at the regional and state levels.• The students interest in supporting facility

maintenance schemes is strengthened. • Content• Section 1– Economic Outlook of Sub-Saharan Africa1.1. Africa’s promising prospects1.2. The critical role of infrastructures1.3. Successful Advances1.4. Low Private Participation

COURSE OVERVIEW AND OUTLINEContent1.5. Success ‘islands1.6. Quality of Africa’s Infrastructure1.6.1. Power Supply1.6.2. Transportation1.6.3. Quality enablers/de-enablers1.7. Regional Infrastructures1.7.1. Regional Infrastructure Initiatives1.8. How to deal with the Infrastructure ChallengeSection 2: The Size of Africa’s Infrastructure Deficits2.1. Sector Specific Variations2.2. Economic cost of poor infrastructureSection 3: Why Address Africa’s Infrastructure Deficits?3.1. Microeconomic fundamentals3.2. Strengthens the Absorptive Capacity

COURSE OVERVIEW AND OUTLINESection 4: Addressing Africa’s Infrastructure DeficitsSection 5: Infrastructure Financing OptionsSection 6: Infrastructure Financing Options6.1. Infrastructure Project Preparation Facility (IPPF)6.2. Evaluating the financing options6.3. The Importance of IncentivesSection 7: Public Financial ManagementSection 8: Public Private Partnerships8.1. Pillars of successful PPP8.2. Concluding Remarks

Section 1– Economic Outlook of Sub-Saharan Africa1.1. Africa’s promising prospects

“Africa is the next frontier for most company executives and investors who have ambitious plans for

the continent. Indeed, 90% of African CEOs interviewed for this issue of ‘The Africa Business

Agenda’ told us that they were confident of mid-term prospects for their businesses, with just more than

half (51%) saying they are ‘very confident’– Edouard Messou Territory Senior Partner, PwC’s Francophone Africa Market Region, The Africa Business Agenda, PwC, 2014

1– Economic Outlook of Sub-Saharan Africa ..11.2. The critical role of infrastructures“Infrastructure is at the core of inclusive growth, a growth for all, a growth that creates jobs, reduces inequalities and offers

opportunities to African citizens. African countries cannot expand education opportunities for youth and provide jobs without access to electricity, broadband and connectivity. Food security and agricultural value chain development cannot be achieved without access to reliable transport

infrastructure that will help in reducing post-harvest losses. Africa’s growing cities would be uninhabitable without clean water, adequate sanitation, reliable and affordable electricity

supply and mass transit systems.”– Gilbert Mbesherubusa African Development Bank ‘Innovative thinking to meet Africa’s infrastructure needs’ The CBC Africa Infrastructure Investment Report 2013

1– Economic Outlook of Sub-Saharan Africa ..21.3. Successful Advances• SSA countries have made success in global trade, particularly with China and India. •But many African countries still have mono-product economies. •Only a few, notably Rwanda, Kenya, Tanzania, and Uganda have diversified their economies reasonably.•Regional trade is hampered by tariff and non-tariff barriers, corruption, and poor transport infrastructure. •However, growth potentials have remained high and the scope for infrastructure projects will remain high.

1– Economic Outlook of Sub-Saharan Africa ..31.4. Low Private Participation•Private participation is promising but growing much slower than expected.•Private domestic investment is dampened by uncertainties and low effective demand. •FDI contributed significantly to growth of resource-rich countries. 1.5. Success ‘islands•The overall condition in Africa may be bad, but there are vast country and regional differences. •E.g., the overall transportation infrastructure of South Africa is comparable to that of India.•It is indeed better than that of Indonesia and China (except for rail transport).

1– Economic Outlook of Sub-Saharan Africa ..41.6. Quality of Africa’s Infrastructure•The overall quality of infrastructure in the SSA countries matches the region’s level of economic development. •It is expected that resource rich countries like Nigeria, Mozambique, Angola, and Gabon should perform above average.•However, countries like South Africa, The Gambia and Rwanda standout in terms of quality of urban infrastructure development.•Assessment of selected infrastructures is presented below: – ICT : SSA experienced an unprecedented expansion in the

past 2 decades as indicated by increase in mobile phone subscription.

1– Economic Outlook of Sub-Saharan Africa ..51.6. Quality of Africa’s Infrastructure1.6.1. Power Supply– Overall, only about 32 percent of the population in SSA

has access to electricity, compared to more than half in South Asia.

– The electricity sector is dominated by monopolies, and highly regulated electricity markets.

– SSA countries remain in the midst of power crises characterized by inadequate, unreliable, and costly electricity supply.

1.6.2. Transportation– Transport infrastructure development has been limited.– Poor condition of roads is still a critical issue.

1– Economic Outlook of Sub-Saharan Africa ..61.6.3. Quality enablers/de-enablers•An annual investment of at least $40 billion per year is required to address Africa’s infrastructure deficits.•Weak PFM system and poor maintenance culture make addressing Africa’s infrastructure deficits more difficult.•Public services – particularly power and water – are generally underpriced in several African countries.•Much more are lost to theft and unpaid bills.•Providing ‘hard’ infrastructure is constrained by weak ‘soft’ infrastructure – institutions, capabilities and incentives.•A combination of competition and collaboration is required for success.

Table 1: Projected Population Dynamics of Sub-Saharan Africa’s 4 Most Populous Cities (2015), 1985-2025, in Thousands

Source: World Urbanization Prospects: The 2011 Revision, UNDESA, New York, 2012.Note: * indicates projections.

Urban Agglomeration

1995 2000 2015* 2020* 2025*

Lagos 3500 7281 13121 15,825 18,857

Cairo 8328 10170 11944 13254 14740

Kinshasa 2722 5414 10312 12322 14535

Abidjan 1716 3028 4923 5895 6971

Country Fragile Situation Resource Rich Natural ResourceAlgeria Resource Rich OilAngola Resource Rich OilBotswana Resource Rich DiamondsBurundi Fragile Situation Cameroon Resource Rich OilCentral African Rep. Fragile Situation Resource Rich Diamonds and GoldChad Fragile Situation Resource Rich OilComoros Resource Rich Congo, D.R. Fragile Situation Resource Rich Minerals & OilCongo, Rep. Fragile Situation Resource Rich OilCôte d’Ivoire Fragile Situation Resource Rich Oil and GasEquatorial Guinea Resource Rich OilEritrea Fragile Situation Gabon Resource Rich OilGhana Resource Rich Gold and OilGuinea Resource Rich Mining ProductsGuinea-Bissau Fragile Situation Liberia Fragile Situation Resource Rich Gold, Diamonds, and Iron Ore

Libya Resource Rich OilMadagascar Fragile Situation Resource Rich Oil/gasMalawi Fragile Situation Mali Fragile Situation Resource Rich GoldMauritania Resource Rich Iron OreMozambique Resource Rich Gas and BauxiteNiger Resource Rich UraniumNigeria Resource Rich OilSão Tomé and Príncipe Resource Rich OilSierra Leone Fragile Situation Resource Rich DiamondsSomalia Fragile Situation South Sudan Fragile Situation Sudan Fragile Situation Resource Rich OilTanzania Resource Rich Gold and Precious Stones

Togo Fragile Situation Resource Rich PhosphateUganda Resource Rich OilZambia Fragile Situation Resource Rich CopperZimbabwe

Table 2: SSA Countries - Fragile Situation and/or Rich in Natural Resource(s)

Source: World Bank, 2014. http://worldbank.org. IMF, 2012. http://www.imf.org.

1– Economic Outlook of Sub-Saharan Africa ..71.7. Regional Infrastructures •Regional facilities and service networks can reduce infrastructure costs and promote integration. •African countries can enhance larger scale technologies with regional infrastructure networks. 1.7.1. Regional Infrastructure Initiatives•The AU Assembly adopted in July 2012 the Program for Infrastructure Development in Africa (PIDA). •PIDA is a blueprint for continental infrastructure transformation from 2012–14. •PIDA should support the implementation of priority projects to transform Africa based on its Priority Action Plan (PAP) projects.

1– Economic Outlook of Sub-Saharan Africa ..81.7.1. Regional Infrastructure Initiatives•There have been increased cooperation between regional bodies to usher in a number infrastructure projects in recent years.•AfDB has supported cross border projects in Africa by up to US$100 million. •Sixteen pilot projects to accelerate regional infrastructure development are as follows:– Rehabilitation and extension of a railline from Cotonou

to Parakou, Dosso, and Niamey, including a dry port at Parakou in Benin;

1– Economic Outlook of Sub-Saharan Africa ..91.7.1. Regional Infrastructure Initiatives•A new deep-water port at Seme-Podji on the Benin-Nigeria border; and a new airport on the border.•The Botswana-Namibia Standard Gauge Railway.•Rehabilitation of the Cotonou-Lagos-Enugu-Bamenda Highway.

1– Economic Outlook of Sub-Saharan Africa -- 10

1.8. How to deal with the Infrastructure Challenge•Addressing the infrastructure challenge calls for timely provision and routine maintenance.•Strong execution and absorptive capacities, and sound maintenance culture are required.•Infrastructures would need to be prioritized and resources mobilized for their development.•Since infrastructure development is generally expensive, special financing strategy is required.•It is important to appropriately balance spending on infrastructure and welfare, and debt sustainability.

1– Economic Outlook of Sub-Saharan Africa .. 111.8. How to deal with the Infrastructure Challenge•It is needful to create and sustain a healthy but strict regulatory environment.•Lack of finance may not be as inhibiting as weak and uncertain regulatory and execution frameworks.•Over the last 15 years, many SSA countries have significantly improved their infrastructure. •The African Infrastructure Development Index (AID) shows overall progress between 2000 and 2010.•However, country-by-country consideration shows that some countries like South African and Kenya may have done well, while others like Nigeria, Cameroon are lacking behind.

Section 2: The Size of Africa’s Infrastructure Deficits2.1. Sector Specific Variations•Africa’s rapid economic growth requires the expansion of infrastructures on all sides. •Greater demand, expanding economies, urbanization and growing trade require more infrastructures. •Africa’s largest infrastructure deficits are found in:– Power: 48 countries of SSA (about 800 million people)

generate comparable amount of power as Spain (with a population of 45 million).

– Roads: only 1/3 of rural Africans are within two kilometers of an all-season road, compared with two-thirds of the population in other developing regions.

2: The Size of Africa’s Infrastructure Deficits ..12.1. Sector Specific Variations•Overall SSA countries lag behind the developing world on all forms and types of infrastructure. •The infrastructure gaps widen further with population growth and urbanization.•Africa’s “infrastructure deficit” constrains per capita growth by at least 2% each year.•The infrastructure gaps also reduces productivity of firms by as much as 40%.– Household services – SSA has not been able to meet the

MDG for WATSAN.– Universal access to household services is more than 50

years away.

Infrastructure (Normalized Units) Low Income Countries

Sub- Saharan Africa Other Countries

Paved road density 31 134

Total road density 137 211

Mainline density 10 78

Mobile density 55 76

Internet density 2 3

Generation capacity 37 326

Electricity coverage 16 41

Improved water 60 72

Improved sanitation 34 51

Table 3: Lagging Infrastructure Coverage

Source: Yepes and others 2008. Note: Road density is in km2 ; telephone density is in lines per thousand populations; generation capacity is in megawatts per million population; electricity, water, and sanitation coverage are in percentage of population.

2: The Size of Africa’s Infrastructure Deficits .. 22.1. Sector Specific VariationsElectricity•Only one in four Africans has access to electricity.•Except in South Africa, electricity supply cannot power one light bulb per person for two hours each day. •In about 30 African countries, even those with access to power experience regular blackouts.Roads •Only one in three rural Africans has access to an all-season road. •Many urban roads are bad, and those moving within and across towns are often trapped in bad roads and holdup.Irrigated Land •Only 5% of agricultural land is irrigated.

2: The Size of Africa’s Infrastructure Deficits .. 32.2. Economic cost of poor infrastructure•Poor infrastructures increases the final cost of goods and services. •Prices in SSA countries are often two to three times higher than in the rest of the developing world. •The cost of living is higher for poorer families and small businesses. – For example, private generators cost a lot to run than

relying on public power supply.– Moreover, electricity supply is often more secure in rich

neighborhoods.– Poorer households generally spend more on fueling

backup generators.

Sub-Saharan Africa Other Developing Regions

Power tariffs (US$/kWh) 0.02-0.46 0.05 – 0.1

Water tariffs (US$/cubic meter) 0.86 – 6.56 0.03 – 0.6

Road freight tariffs (US$/ton/km) 0.04 – 0.14 0.01 – 0.04

Mobile telephony (US$/basket/mo) 2.6 -21.0 9.9

International telephony (US$/3 min. call to US)

0.44 -12.5 2.0

Internet dial-up service (US$/mo) 6.7 – 148.0 11

Table 4: Africa’s High-Cost Infrastructure

Source: Africa Infrastructure Country Diagnostic, 2008. Note: Ranges reflect prices in different countries and various consumption levels. Prices for telephony and Internet represent all developing regions, including Africa

Section 3: Why Address Africa’s Infrastructure Deficits?

3.1. Microeconomic fundamentals•Effectively addressing Africa’s infrastructure gap will help:– Strengthen the transport, power, health,

education, water and sewage sectors– Improve quality of access to social amenities for

all.– Significantly increase the average productive

capacity of households.– Improve access to idle natural resources and

enhance linkages to local and export markets.

3: Why Address Africa’s Infrastructure Deficits? ..13.2. Strengthens the Absorptive Capacity•Stimulates stronger supply response and growth potentials. •Foster economic diversification and structural transformation. •Create jobs and support other growth promoting activities. •Enhance equitable distribution of income, and reduce poverty.

Regions

2013Total PPI Investment in US$ Billions/Percentage

2012Total PPI Investment in US$ Billions/Percentage

Increase in 2013over 2012

Latin America and the Caribbean

69.3 46% 87.0 48% -20%

Europe and Central Asia

28.5 19% 22.5 12% 27%

East Asia and Pacific 19.4 13% 17.2 9% 13%

Sub-Saharan Africa 14.9 10% 12.8 7% 16%

South Asia 13.8 9% 35.1 19% -61%

Middle East and North Africa

4.5 3% 6.7 4% -33%

Total 150.4 100% 181.3 100% -17%

Table 5: PPI Infrastructure Investment Commitments by Regions, Comparing 2013 to 2012, in US$ Billions (Current Prices)

Sources: World Bank (2013b) and World Bank (2014)

Country Percentage of GDP Allocated to Infrastructure1

Country Percentage of GDP Allocated to Infrastructure1

Angola 8.0% + Mauritius 4.1% - 5.0%

Cape Verde 8.0% + Tanzania 4.1% - 5.0%

Lesotho 8.0% + Zambia 4.1% - 5.0%

Botswana 7.1% - 8.0% Ethiopia 3.1% - 4.0%

Central African Rep. 7.1% - 8.0% Namibia 3.1% - 4.0%

Mali 7.1% - 8.0% Cameroon 2.1% - 3.0%

South Africa 7.1% - 8.0% Ghana 2.1% - 3.0%

Uganda 7.1% - 8.0% Mozambique 2.1% - 3.0%

Rwanda 7.1% - 8.0% Sierra Leone 1.1% - 2.0%

Kenya 6.1% - 7.0% Zimbabwe 1.1% - 2.0%

Liberia 6.1% - 7.0% Nigeria 0% - 1.0%

Côte d’Ivoire 4.1% - 5.0% São Tomé and Príncipe

0% - 1.0%

Malawi 4.1% - 5.0% South Sudan 0% - 1.0%

Table 6: Percentage of GDP Allocated to Infrastructure in SSA

SECTION 4: ADDRESSING AFRICA’S INFRASTRUCTURE DEFICITS

• Addressing Africa’s infrastructure deficit requires approximately US$90b every year for the next decade.

• This includes new investments as well as operations and maintenance of what already exists.

• On September 17 2015, AfDB unveiled its initiative to solve Africa's huge energy deficit by 2025.

• The “New Deal for Energy in Africa,” focuses on mobilizing support and funding for the initiative.

4: Addressing Africa’s Infrastructure Deficits ..1

• It will require that the AfDB expand its support for energy development in Africa.

• Development partners should scale up on-going efforts.

• And the countries should expand domestic investment and show stronger political will.

• AfDB notes Africa requires about $22 billion to support universal access to energy.

4: Addressing Africa’s Infrastructure Deficits ..2

• AfDB illustrates how mobilization of domestic resources can support infrastructure financing: –10 percent of Africa’s tax revenues estimated at

US$ 500 billion per year can finance key infrastructures.–Repatriation of over $60 billion of African origin

stockpiled in foreign banks.–Releasing the stipulated 0.7% commitment of

GNI for development assistance can generate over $178 billion.

Section 5: Infrastructure Financing Options• SSA countries should look beyond aid and

governments for alternative financing models.• Mobilizing and managing reserves, Pension funds,

and SWFs can release funding for infrastructures.• Possible funding models are: – Traditional procurement – the current owner continues

to own, finance and operate.– PPPs – where external parties participate in funding,

building and operating.– Disposal/privatization – where the owner disposes of

the asset(s) to an external party, who assumes responsibility for the operation and funding of the asset.

5: Infrastructure Financing Options .. 1• African governments can also work with the WBG

and AfDB and other development partners.• PPP is an option that African countries can consider

seriously.• But PPP projects need to be carefully assessed using

sound framework for cost-benefit analysis.• It should be understood however that PPPs cannot

be successfully adopted for all projects.• PPP cannot compensate for poor corporate

governance of public sector projects.• Government can promote PPP by creating a

pipeline of well evaluated bankable projects.

Ranking PPI ODF China Overall

1 South Africa South Africa Ghana South Africa

2 Nigeria Kenya Ethiopia Nigeria

3 Kenya Ethiopia Cameroon Ghana

4 Tanzania Tanzania Zambia Kenya

5 Ghana Congo, D.R. Nigeria Ethiopia

6 Sudan Uganda Mozambique Tanzania

7 Côte d’Ivoire Nigeria Mauritius Cameroon

8 Congo, D.R. Ghana Tanzania Congo, D.R.

9 Benin Senegal Sudan Uganda

10 Uganda Cameroon Eq. Guinea Zambia

10 Zambia Uganda

10 Burkina Faso

Table 7: Top 10 Country Ranking in SSA by External Infrastructure Investment Commitments, by Source, 2009-2012

Source: OECD, World Bank PPIAF, and AidData databases

Section 6: Infrastructure Financing Options6.1. Infrastructure Project Preparation Facility (IPPF)•This involves enhancing private-public collaboration in the earlier stages of projects, and promoting effective and sustainable operation. •Early-stage project preparation and financing is a perennial problem with African infrastructure projects.•Poor early stage preparation has made private operators wary of engaging in PPP.•Potential private partners and investors require a the appropriate legal and institutional framework.•Private businesses and PPPs should however be well regulated in the overall national interest.

6: Infrastructure Financing Options ..16.2. Evaluating the financing options•Infrastructure funding and bilateral loans from the traditional European investors have dwindled substantially in recent years.•China is currently a major funding source for infrastructure in many African countries. •Chinese funding is generally based on ‘infrastructure for oil’ trade agreement, focusing on railway, road, housing, and oil & gas projects.

6: Infrastructure Financing Options ..26.2. Evaluating the financing options•Local currency bond financing for infrastructure has expanded in recent years •Public investment financed by taxation and debt allows the government effective control over the asset or service. •Direct financing by government is necessary when the asset or service constitute public goods of strategic importance.

6: Infrastructure Financing Options ..3• Financing public investment with tax revenue limits

debt creation. • However, IGR in many SSA countries have remained

generally low. • Government need to ensure a sustainable debt-to-

GDP position over the medium term. • Highly indebted countries should rely more on

concessional financing.• Countries with low debt vulnerabilities use non-

concessional financing for infrastructure projects.

6: Infrastructure Financing Options ..46.3. The Importance of Incentives•Special incentives are needed to attract private investors in many SSA countries. •Often the infrastructure assets are illiquid, upfront capital requirements are large, and the revenue stream is subject to long delays. •Private investors would need reasonable support and encouragement to enter the market.•Some incentives that can encourage private sector funding include: Credit tranching and bundling

– the project funding requirement can be sliced into tranches that match the risk preferences of different investors.

6: Infrastructure Financing Options ..56.3. The Importance of IncentivesCredit tranching and bundling– Very expensive projects can be un-bundled into a

portfolio to diversify the risks.

Co-financing initiatives – domestically funded projects co-financed by reputable

development finance institutions can help attract the interest of a broader pool of investors.

Section 7: Public Financial Management• Regardless of how infrastructure projects are

financed, it is needful to check fiscal risks, and ensure value for money.

• Sound public financial management (PFM) is the key to achieving value-for-money with infrastructure investment.

• Sound PFM is also about proper investment planning and execution capacity.

• It also involves building up a pipeline of bankable projects to make the investment option more attractive.

Section 8: Public Private Partnerships8.1. Pillars of successful PPPStrong capacity for planning and managing partnerships – PPP should be incorporated into the overall investment

strategy of government. – It is most advisable to establish a centralized PPP unit under

the Ministry of Finance to oversee all PPP agreements.– The PPP agency can as well serve as the clearing house for

formulating, implementing and monitoring PPP projects.Value-for-money consideration – PPP projects should be accepted only when they offer more

value-for-money than traditional publicly procured projects. – The assessment can be done using a public sector

comparator (PSC) that estimates the cost of the project as if the public sector was the unique provider.

8: Public Private Partnerships ..1Legal framework •A comprehensive legal framework that assigns clear roles and responsibilities to stakeholders is essential.User fees for public utilities •Commensurate user charges should be levied for public utilities.•Appropriate service quality standards should be set for operators in the public utilities’ sector. •Cost recovery will enhance financial sustainability and minimize fiscal risks. •Improved monitoring of public utility services providers will enhance sustainability and minimize fiscal risks.

8: Public Private Partnerships …2Strengthening Absorptive Capacity•Commitment to increased overall absorptive capacity of the economy is very necessary. •The following policy measures are important:– Strengthen the capacity to execute complex projects, raise

funds, and identify and mitigate risks. – Build a mechanism for creating and servicing a pipeline of

bankable projects.– Adopt consistent fiscal disciplinary rules that ensures

transparent value-for-money procurement.– Provide insurance schemes for private investors and

multilateral institutions to help mitigate against sundry risks.

– Strengthen capacity of government to execute complex infrastructure projects.

8: Public Private Partnerships ..38.2. Concluding Remarks•With abundance of human and material resources, African economies fill its infrastructure gaps.•An investor-friendly environment, and a realistic policy framework is needed.•The challenge of having skilled indigenous workers and contractors must be overcome.•And sustainable means of mobilizing funds to finance infrastructure projects must be sourced.

Bibliography• IMF (2014) World Economic and Financial Surveys

Regional Economic Outlook Sub-Saharan Africa Staying the Course• Africa Infrastructure Country Diagnostic Africa’s Infrastructure – A time for

transformation www.infrastructureafrica.org• PWC (2014) Trends, challenges and future outlook: Capital projects and

infrastructure in East Africa, Southern Africa and West Africa November www.pwc.co.za/infrastructure

• Laure Redifer (2010) New Financing Sources for Africa's Infrastructure Deficit. IMF Survey Magazine: Countries & Regions July 21

• The Tony Elumelu Foundation 2015 Plugging Africa’s infrastructure deficit Africapitalism Institute

• Jeffrey Gutman Amadou Sy Soumya Chattopadhyay (2015) Financing African Infrastructure Can the World Deliver? March Global Economy and Development at Brookling

• Essia, Uwem (2015) Financing Model for Sustainable Development of Infrastructures in Sub-Saharan Africa – The Case Of Nigeria PaidAfrica.org/Paidwa

Bibliography• Essia, Uwem and Abubakar Yusuf (2013) Public-Private-Partnership and

Sustainable Development of Infrastructures in Nigeria Advances in Management & Applied Economics 3(6) 113-127

• IMF (2014) World Economic and Financial Surveys Regional Economic Outlook Sub-Saharan Africa

• Staying the Course, October• Banke , Bill (2013) Addressing Africa's infrastructure deficit December EY’s

Dynamic Magazine• World Economic Forum (2015) Blueprint for Africa's infrastructure deficit

June • 2015 Africa50 Infrastructure Fund (2015) AfDB Unveils “New Deal for

Energy in Africa.”• 18 September • World Bank (2010) Africa’s Infrastructure A Time for Transformation• African Development Bank (2010) Infrastructure Deficit and Opportunities

in Africa Economic Brief 1(September)• World Bank (2013) Fact Sheet: Infrastructure in Sub-Saharan Africa