Abuja, March 26, 2024 – The Federal Government will use the Renewed Hope Infrastructure Fund to finance the Lagos-Kano and Eastern Rail lines as well as other key projects.
The Fund was approved by the Federal Government on Monday.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, said this in a statement on Tuesday.
He described the Renewed Hope Infrastructure Fund as an initiative of the federal government to finance critical national projects that will accelerate infrastructure and economic development in all parts of the country.
He listed some likely beneficiary sectors as road, rail construction, agriculture, aviation, education, health, energy and technology.
“Among the projects being targeted are major road networks, such as the Lagos-Calabar Coastal highway, Sokoto-Badagry Expressway, Lagos-Kano and Eastern Rail Lines. Ports and aviation facilities will be modernized.
The statement said the Fund would also enhance the nation’s agricultural value chain to boost food security as well as help create employment opportunities and promote exports, among others
Onanuga said Nigeria needed $35 billion annually until 2040 for its infrastructure development.
He said this necessitated the establishment of the Presidential Infrastructure Development Fund (PIDF) by former President Muhammadu Buhari, with the National Wealth Authority playing a vital role to bridge the infrastructural financing gap during his tenure.
He said while the PIDF contributed to the realisation of critical projects, such as the Second Niger Bridge and the Lagos-Ibadan Expressway, it encountered funding constraints and delays in project execution, leading to increased material costs and bureaucratic and institutional challenges.
“These challenges faced by the PIDF are what the Renewed Hope Infrastructure Development Fund (RHIDF) aims to overcome,” Onanuga said. (GBN)
