The federal government has reaffirmed its commitment to infrastructure development as it moved to finalize highway concession plans to reconstruct nine highways.
Wale Edun, the minister of Finance and Coordinating Minister of the Economy disclosed this following a high-level meeting with partners in Abuja under the Highway Development and Management Initiative (HDMI).
The meeting was held in conjunction with the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, as it brought together concessionaires managing nine highways spanning 900km, valued at N1.5 trillion and it is expected to be delivered within 25 years of concession agreements.
Edun emphasized Nigeria’s return to stability despite global economic shocks and decreased oil revenues, highlighting the significant role private capital will play in enhancing Nigeria’s development as the country aspires to develop faster and inclusively.
He said:
“We have stabilized the economy. Now, we must grow- faster, broader, and inclusively. Private-led infrastructure delivery is central to that mission.”
He pointed to the successful concession of the Benin-Asaba highway as evidence of the concept’s effectiveness. Relaying the Minister of Works’ directives, he emphasized that concessionaires must demonstrate proof of funds to ensure timely mobilization.
Senator Bagudu reiterated the current administration’s strategic shift toward private sector-driven infrastructure, enabling investors to recover costs through fee collection while reducing the strain on government budgets, in accordance with the Renewed Hope Agenda of President Tinubu’s administration.
The HDMI, established in 2021, is a strategic programme by the federal government of Nigeria aimed at developing Nigeria’s federal highway through a public-private investment to address challenges of inadequate funding.
