Sustainable infrastructure development in sub-nations of Nigeria: what alternative financing options are open amidst constrained budget?

Jude Chidiebere Anago

Sustainability Accounting, Management and Policy Journal, 2024, vol. 15, issue 6, 1378-1407

Abstract: Purpose - This paper aims to examine the alternative financing available for sustainable infrastructure development in Nigeria’s sub-nations. Specifically, the study question is: what financial vehicles do sub-nations seek most, and what are the underlying reasons for their preferences? Design/methodology/approach - The study used a two-round Delphi method, using a questionnaire to gather data from high-ranking government officials in states that have localised sustainable development projects in Nigeria. Findings - Results show that fundamental to sub-national sustainable infrastructure projects are federal allocations, pension funds, private equity, bonds and concessionary grants. Sub-nationals prefer these options, especially the emphasis on private equity, and the concessional funding through catalytic or blended finance because of their relatively lower or below-market interest rates. Practical implications - The practical significance of this study is that the state’s policymakers can now identify appropriate strategies that enhance the shift towards these sustainable financing options, which will serve as a key catalyst in their 2030 and beyond vision to accelerate their state's infrastructure climate complaint. Equally, investors possessing funds with such attributes will gain an understanding of a prospective market within Nigeria’s sub-nation. Social implications - This study aims to improve the development of sustainable infrastructure in Nigeria’s sub-nations, which would have a beneficial effect on society by mitigating the effects of climate change. Originality/value - The recommendations of this study can contribute to the development of innovative financial models for sub-national infrastructure development, thereby reducing reliance on revenue generated from fossil fuels.

Keywords: Climate change; Sustainable development goals; Sustainable finance; Sustainable infrastructure; Nigeria (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:sampjp:sampj-02-2023-0054

DOI: 10.1108/SAMPJ-02-2023-0054

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