The Federal Government has disclosed that it needed $35bn to kick-start the construction of concrete roads across the country.
The Minister of Works, David Umahi, who made the revelation also stated that the moribund Ajaokuta steel company will provide 16 per cent of the steel material needed for the construction of Nigeria’s roads in concrete pavement.
He made this known during a meeting with the Minister of Steel Development, Shuaib Audu, at the ministry headquarters in Abuja.
A statement on Tuesday by the Chief Press Secretary to the minister, Orji Uchenna, said the meeting underscored the imperative of coordination, cooperation, and coherence in the execution of the Federal Government’s action plans for national development.
The minister said that the federal executive council will assent to the funding which would be gotten through a partnership with a commercial bank.
Umahi said, “How do we reactivate the Ajaokuta Steel. We are going into the concrete road, in this concrete road, about 16 per cent of it 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.
“We need about $35 billion to start. If we start waiting for FG it might become difficult. We did an analysis on the Return on Investment and the profit we could have made, part of it will go to bank interest. We are looking at a partnership with a commercial bank but Federal Executive Council has to endorse it. If this could be done it means Mr. President is living up to his words and this is going to be possible.”
