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The move is part of efforts to develop finance options for subnational governments in infrastructure investment in Nigeria.
Addressing a press conference in Lagos, Chief Operating Officer, DataPro, a credit rating agency (CRA), Oladele Adeoye, said the rating webinar, which has a focus on the ‘Role of Sub-nationals and Credit Rating Agencies in Infrastructure Development,’ would explore the roles credit rating agencies play in assessing the creditworthiness of subnational governments.
Noting that the role of subnational governments in driving infrastructure development was well established, particularly in developed countries, however, in developing nations like Nigeria, he maintained that subnational governments face challenges in expanding their involvement in infrastructure projects, mainly due to a lack of long-term financing options.
To address this, Adeoye said the webinar would seek a road map for sustainable infrastructure development at the subnational level through the capital market.
Slated to hold today, virtually, he said following the dearth of funds for infrastructure development in the country, Adeoye said it would promote fast acceleration of funding economic development in Nigeria.
According to him, extensive research highlights several viable options for subnational governments to consider, such as development transfers, accessing the capital (debt) market, public sector lending and public-private partnerships.
However, he maintained that the effectiveness of the options hinges on the implementation of robust policies and frameworks that would improve fiscal responsibility, accountability, transparency, good governance and creditworthiness at the subnational level in developing countries, including Nigeria.
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