Federal govt

The Federal Government has taken steps to remove bureaucratic hurdles that had stalled private sector investment in key road projects for over a year. This move is part of measures aimed at unlocking significant infrastructure development under a Public-Private Partnership (PPP) framework.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this in an interview. He reaffirmed President Bola Tinubu’s commitmentto addressing Nigeria’s $100 billion annual infrastructure deficit by mobilizing private capital.

Edun noted that the recent approvals by the Federal Economic Council, allows private investors to proceed with the Benin-Asaba Highway and the Lagos-Abeokuta Road both part of the Highway Development and Management Initiative (HDMI), launched under the Buhari administration

Edun went further to explain that with the Tinubu administration’s intervention. He clarified on the timeline for the projects, saying March 2021 – February 2022 was scheduled as a bidding phase with 18 of 75 bidders qualifying, alongside a broader 5,000-kilometre road concession programme are moving forward and that the investors have gathered long-term finance, much of it from Nigeria.

However, Edun said June 2022 was for negotiation of concession terms.