Infrastructure is one of the main parameters of economic growth and a country‘s competitiveness depends on the provision and maintenance of efficient and productive infrastructure assets. However, Nigeria, like most countries in Sub-Saharan Africa has the lowest quantity and poorest quality of stocks of infrastructure assets in the world and this phenomenally poor infrastructure has remained an impediment to development in the country. Decades of sub-optimal investment, poor maintenance culture and the fact that the required infrastructure investments could not be accommodated within the available fiscal space as a result of budgetary constraints have all contributed to the Nigeria‘s infrastructure deficit. The immediate outcome of this however is that the available infrastructure assets across the Nigerian landscape are in decrepit state and absurdly inadequate. Besides, the present demand for basic infrastructure services has grown astronomically out-stripping the supply capacity of the existing ones. Closing the infrastructure financing gap will however require increased investment by private investors through creative financing in an enabling legal and financial environment. Outside the budgetary constraints, the absence of efficient maintenance and management of infrastructure assets and quality service delivery by the public sector are some of the reasons why procurement of public infrastructure stocks by government through the traditional approach is no longer plausible and hence, the general appeal of the public-private partnership framework. However, despite all the potentials, the public private partnership technique in Nigeria has not made an appreciable impact in closing the infrastructure gaps due to lack of access to long-term financing. It is against this back-drop that this study has sought to investigate how reforms of the legal and financial infrastructure could widen access to financing through innovative financial resource mobilization in scaling-up infrastructure development and service delivery to the teeming Nigeria population. Therefore, the central thesis of this study is that the inadequacy of appropriate laws and inefficient financial system are partly responsible for the huge financing gaps in the Nigeria‘s infrastructure market and with the legal and financial reforms, an enabling legal and financial environment that would open up space for resource mobilization through innovative financing techniques and sources will be created thereby widening access to long-term financing and increasing the appetite for private investment in the nation‘s public infrastructure assets and services. So, the overarching objective of this thesis is to explore how legal and financial system reforms can facilitate the development of financial models and instruments that can help mobilize financial resources to fund infrastructure and bridge the huge infrastructure financing gaps in Nigeria in a sustainable fashion. Given the infrastructure poverty that constrains economic growth and development in Nigeria, the outcomes of this proposed study would help inform the need for the legal and financial system reforms to unlock resources in addressing the problems of financing gaps in infrastructure projects development in Nigeria. Besides, such outcomes based on the Nigerian experience in infrastructure financing and development may be turned into valuable knowledge for policy –making and further research in Nigeria. Copyright / Thesis (LLD)--University of Pretoria, 2012. / Centre for Human Rights / unrestricted

Thesis (MDF (Development Finance))-- University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Black Economic Empowerment (“BEE”) is an imperative economic tool that the South African government established to achieve its transformational objectives which are meant to grow the economy, decrease inequalities and create more job and business opportunities for the South African majority of the population. The objectives of transformation strategy seek to redress economic imbalances created by the previous apartheid regime. The approach is widely shared by the majority of South Africans. Since its inception, BEE as an implemented policy has created vast opportunities for previously disadvantaged individuals. Some positive spin offs that have been realised in an effort to address economic and social imbalances are discussed in the paper. The paper seeks to demonstrate the progress made in South Africa so far with regard to implementation of BEE initiatives. It further highlights some pitfalls as per the previous experience with BEE and in addition to that, covers some of the developments and benefits to date. Chapter 3 and 4 focuses on funding of BEE investments with reference to specific case studies of some of the landmark BEE deals concluded in the past. The evolution of BEE funding structures is also analysed with specific reference to some lessons learnt from the origins of BEE in South Africa. In chapter 5, BEE in South Africa is compared to transformation policies implemented by another country. Malaysia shares some similarities and challenges in the implementation of transformation policy, hence a comparison is drawn between the two countries. Finally chapter 6 concludes by providing an overview of the findings in analysing BEE strategies with specific reference to funding and the evolution of funding structures in facilitating BEE.