National Development Drive: Umahi Pushes For $35 Billion To Launch Road Construction

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Minister of Works, David Umahi, has indicated that the commencement of nationwide concrete road construction necessitates a funding injection of $35 billion by the government…CONTINUE READING

This announcement came during his meeting with the Minister of Steel Development, Shuaib Audu, at the ministry’s headquarters in Abuja.

In a statement released on Tuesday, the Chief Press Secretary to the minister, Orji Uchenna, highlighted the meeting’s emphasis on the importance of coordination, cooperation, and coherence in executing the Federal Government’s action plans for national development.

Umahi also disclosed that the Ajaokuta steel company, despite its current challenges, is poised to contribute significantly to the project, providing 16 percent of the steel material and 30 percent of the cement required for the construction of concrete-paved roads across Nigeria.

Addressing the reactivation of Ajaokuta Steel, Umahi stated, “We are going into the concrete road; in this concrete road, about 16 per cent is from Steel while 30 per cent is cement. We need a lot of money to start, but we decided to face it, and God has given us an idea.”

Umahi further outlined the financial requirements for the ambitious project, emphasizing the need for innovative funding approaches.

He proposed a potential partnership with a commercial bank, pending approval from the Federal Executive Council, to facilitate the project’s initiation.

“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 considering a commercial bank partnership, but the Federal Executive Council has to endorse it.

If this could be done, it means Mr. President is living up to his words, and this will be possible,” Umahi explained.