Rédaction Africa Links 24 with Leon Usigbe
Published on 2024-03-25 19:51:15
President Bola Tinubu has given his approval for the establishment of a new Infrastructure Development Fund aimed at facilitating effective infrastructure development across various critical sectors in Nigeria. This fund, known as the “Renewed Hope Infrastructure Fund,” is expected to invest in key national projects that will promote growth, enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.
According to a statement issued by Ajuri Ngelale, Special Adviser to the President (Media & Publicity), the objectives of the fund include establishing an innovative infrastructure investment vehicle to attract and consolidate capital for economic advancement. The fund will strategically invest in national infrastructure projects across sectors such as road, rail, agriculture, ports, and aviation. It will utilize low-interest loans, concessionary loans, Eurobonds, and other favorable financing options, in addition to budgetary allocations, to ensure optimal outcomes for the nation.
The fund will adopt various investment strategies, including direct project financing, co-financing through public-private partnerships, and equity investments. In the agricultural sector, the focus will be on developing robust infrastructure networks to enhance food security. This includes establishing national food storage facilities, irrigation systems, ranching for animal husbandry, and improving agricultural logistics and distribution.
For port revitalization, the fund aims to modernize port facilities and associated infrastructure to optimize efficiency and attract investments, making Nigeria a regional trade hub. The fund will also focus on the revitalization and modernization of major airports nationwide, improving terminal facilities, runway expansions, and implementing cutting-edge technologies for enhanced safety and operational efficiency.
In terms of road infrastructure, strategic projects such as the Lagos-Calabar Coastal Road and the Sokoto-Badagry Road will be prioritized to enhance connectivity and stimulate economic growth. The fund will also prioritize the Lagos-Kano and Eastern rail lines to modernize transportation networks and facilitate the movement of goods and people with greater speed and reliability.
President Tinubu has approved the absorption of the Presidential Infrastructure Development Fund (PIDF) into the new Renewed Hope Infrastructure Development Fund (RHIDF) to eliminate bureaucratic inefficiencies and expedite project delivery. The RHIDF aims to have a national spread of projects impacting all Nigerians positively.
The fund will be domiciled in the Presidency and will drive economic growth and connectivity across various sectors. It aims to promote inclusive progress, create employment opportunities, and enhance technological innovation and exports. The fund’s key objective is to invest in critical national projects to foster growth, enhance local value addition, and promote economic dynamism nationwide.
In addition to the establishment of the RHIDF, the Federal Executive Council (FEC) has approved N1.267 trillion contracts for the implementation of 28 roads and bridges across the country. This demonstrates the government’s commitment to bridging the infrastructure deficit in Nigeria and promoting economic development through strategic investments in key sectors.
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