The Minister of Works, David Umahi, has disclosed that the government requires a substantial investment of $35 billion to initiate the construction of concrete roads across the nation. This announcement came during a meeting with his counterpart, the Minister of Steel Development, Shuaib Audu, held at the ministry’s headquarters in Abuja.
According to a statement released on Tuesday by the Chief Press Secretary to the minister, Orji Uchenna, the meeting emphasized the importance of coordination, cooperation, and coherence in executing the Federal Government’s action plans for national development.
Umahi highlighted that the struggling Ajaokuta steel company would play a significant role in the construction initiative, providing 16 per cent of the required steel material and 30 per cent of the cement for the creation of concrete pavements on Nigeria’s roads.
Addressing the challenge of reactivating the Ajaokuta Steel company, Umahi outlined the plan for concrete road construction, stating, “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.”
To secure the necessary funding for the ambitious project, Umahi discussed potential financial partnerships, including a commercial bank collaboration. However, he emphasized that the endorsement of such a partnership by the Federal Executive Council is essential for its realization.
Umahi expressed the urgency of the situation, noting that waiting for federal funding alone might pose challenges. He explained, “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.”
The minister expressed optimism that a commercial bank partnership, if approved by the Federal Executive Council, would align with the government’s commitment to infrastructure development and signify progress in fulfilling promises made by President Muhammadu Buhari.
