Tinubu Initiates Infrastructure Development Fund to Address Nigeria’s Infrastructure Deficits
President Bola Tinubu has approved the creation of the Renewed Hope Infrastructure Development Fund, aimed at addressing Nigeria’s infrastructural deficits. The Fund, modeled after the Lagos Metropolitan Area Transport Authority, will focus on key sectors such as agriculture, transportation, ports, aviation, energy, healthcare, and education.
According to Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), and Dele Alake, Minister of Solid Mineral Development, the Fund’s objectives include promoting growth, enhancing local value-addition, creating employment opportunities, and stimulating technological innovation and exports.
The Fund will invest in critical national projects across various sectors, including road, rail, agriculture, ports, and aviation. It will attract and consolidate capital to serve as a dynamic driver for economic advancement. The Fund will also utilize low-interest loans, concessionary loans, and Eurobonds, supplemented by other favorable financing options, to ensure optimal long-term outcomes for Nigeria.
In the agricultural sector, the focus will be on developing robust infrastructure networks, including food storage facilities, irrigation systems, ranching for animal husbandry, and agricultural logistics and distribution. The Fund will also prioritize revitalizing port facilities to streamline operations and enhance Nigeria’s position as a regional trade hub.
In the aviation sector, major airports nationwide will undergo comprehensive refurbishment to improve terminal facilities, expand runways, and implement advanced technologies for safety and operational efficiency. Road infrastructure projects such as the Lagos-Calabar Coastal Road and Sokoto-Badagry Road will enhance connectivity and stimulate economic growth.
The Fund will absorb the Presidential Infrastructure Development Fund (PIDF) to eliminate bureaucratic inefficiencies and expedite project delivery timelines. President Tinubu has directed that projects funded under the RHIDF reflect an equitable national spread to benefit all Nigerians.
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