In a groundbreaking revelation, the Minister of Works, David Umahi, disclosed the government’s ambitious plan to secure $35 billion for the commencement of nationwide concrete road construction. Umahi emphasized that the moribund Ajaokuta steel company would play a pivotal role, providing 16% of the steel required for this massive infrastructure initiative.
The critical discussion unfolded during a meeting between Minister Umahi and Minister of Steel Development, Shuaib Audu, at the Ministry’s headquarters in Abuja. The gathering underscored the necessity of coordination, cooperation, and coherence in executing the Federal Government’s action plans for national development.
Umahi revealed that the proposed funding, facilitated through a partnership with a commercial bank, awaits the endorsement of the Federal Executive Council. He expressed concern that relying solely on federal funding might pose challenges and outlined the plan’s financial intricacies.
“We need about $35 billion to start. If we start waiting for FG, it might become difficult. We analyzed the Return on Investment, and the profit we could have made; part of it will go to bank interest. We are looking at a partnership with a commercial bank, but Federal Executive Council has to endorse it. If this could be done, it means Mr. President is living up to his words, and this is going to be possible,” stated Umahi.
The ministers resolved to synergize and strategize on leveraging the opportunities presented by the Ajaokuta Steel Plant for developing road infrastructure in Nigeria. Umahi assured the Steel Minister of his support in enhancing the potentialities of the Ajaokuta Steel Plant.
The Minister of Steel Development emphasized the initiative’s significance, anticipating that it would provide a substantial economic boost, generate revenue, and create numerous direct and indirect job opportunities for Nigerians. He underscored the triple objectives of job creation, economic activity in designated zones, and restarting the inactive plant within the shortest possible time.
Umahi concluded by highlighting President’s commitment to innovative solutions, emphasizing the need to think outside the box and overcome challenges inherited from past administrations. The plan, if successful, promises not only a transformation of the nation’s infrastructure but also significant economic and employment opportunities for Nigeria.