Public-Private Partnerships in Infrastructure Development in Africa: A Magic-Wand for Socio-Economic Growth and Development

Abstract: Infrastructure development is arguably the most important factor for economic development of any nation. Infrastructural facilities are the wheels which drive a nation’s economy. They provide the enabling environment for sustained and sustainable economic growth and helps in eradicating poverty. Africa faces huge infrastructure deficits and challenges. Generally speaking, the state of infrastructure development in Africa does not meet the requirements for economic development. A World Bank report stated that for Africa to fill the infrastructure gaps, an annual expenditure of $93 Billion would be required within the next ten years. It is therefore apparent that governments alone, even at the best of times lack the capacity to provide for the infrastructure requirements of Africa. This clearly underscores the need for the participation of the private sector through Public Private Partnership which has been recognized as a global panacea for infrastructure deficits particularly in developing economies. It is therefore argued in this paper that PPP has the vast potentials to supplement Africa’s critical infrastructure gaps, where about 587 million people lack access to electricity, almost 300 million have no access to safe and clean water and about 93% of the population has no access to internet facilities. Public-Private Partnerships will ultimately boost the socio-economic growth and development in the continent and help it to achieve the Millennium Development Goals