The Minister of Works, David Umahi, disclosed that the Federal Government needs $35 billion to initiate the construction of concrete roads across Nigeria. During discussions with the Minister of Steel Development, Shuaib Audu, the ministers deliberated on the coordination and cooperation necessary for executing the Federal Government’s action plans for national development.
Umahi highlighted that the Ajaokuta steel company, currently inactive, would contribute 16% of the steel materials required for the construction of concrete roads. The proposed funding would involve a partnership with a commercial bank, subject to approval by the federal executive council.
“We need about $35 billion to start. If we start waiting for FG, it might become difficult. We did an analysis on 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 the Federal Executive Council has to endorse it,” said Umahi.
The ministers agreed to synergize and strategize on tapping into the opportunities presented by the Ajaokuta Steel Plant for the development of road infrastructure in Nigeria. Umahi assured the Minister of Steel Development of his support to enhance the potentialities of the Ajaokuta Steel Plant.
Emphasizing the importance of the initiative, Minister Audu expressed hope that it would provide economic growth, generate revenue, and create numerous job opportunities in Nigeria. He stated, “We are to achieve three things: create job opportunities for Nigerians, ensure that the corridor around the North Central Zone and the Ajaokuta-Warri axis is busy with activities, and restart the plant within the shortest possible time.”
This strategic move aligns with the government’s commitment to infrastructure development and job creation, with the Ajaokuta Steel Plant playing a crucial role in supplying materials for the envisioned concrete road projects.
