President Muhammadu Buhari says construction of road infrastructure is a major boost for the growth of the economy, driving supply value chain and stimulating productivity.
Buhari disclosed this at the 7th Edition of the African Road Builders-Trophee Babacar Ndiaye Inaugural Conference 2022, in Abuja on Thursday.
The president who was represented at the occasion by the Minister of Works and Housing, Mr Babatunde Fashola spoke on the theme of the conference is ‘Building Roads, Building Economies’.
According to Buhari, it is evident that infrastructure is good for the economy by building roads you are building the economy.
The president disclosed that the most recent GDP of 3.4 per cent was the biggest in the last seven years clearly shows that the construction subsector were related to the success of the economy and were among the great performance of that.
“So the founding vision of the African leaders is coming to positive results. The evidence of African reminiscence is being shown in Nigeria.
“The trophy Babacar Ndayei 2022 at the 7th Africa edition build symbolises this reminisce. This is Africa story where the long awaited reminiscence begins to show in her largest country by population and by GDP.
“It is a day of pride for the African Union and her dream for the continent. The policies and programmes that are inaugurated over the years are beginning to bear fruit and results.
The President also commended the collaboration with Africa Development Bank in financing flexibility, consultancy and preconstruction work on the Lagos-Abijan corridor comprising Nigeria and the republic of Benin.
Others are Republic of Togo, Ghana and the Republic of Côte d’Ivoire which are part of the Trans African Highway No 7, running from Dakar and Senegal to Lagos in Nigeria.
“I’m happy to report that the Nigerian section of this high way is now under construction from the Lagos-Badagry-Seme corridor through our local finance institutions
“Such as the tax credit scheme introduced by the executive order No 007 and also collaboration with the Lagos State government.
“The 375 kilometers Abuja to Kano that is now under construction is Nigeria major part of the Trans African High way No 2.
“Apart from these Trans African High way connections we are rebuilding and expanding or replacing the strategic highway and bridges across our country.
On his part the Head Special Projects and acting Coordinator, ICRC, Dr Amanze Okere said PPP’s offer Nigeria a dependable and sustainable funding option, increased accountability, accelerated infrastructure provision and faster implementation of projects.
Nigeria’s huge infrastructure deficit is an opportunity to partner on a win-win basis with the private sector in virtually all economic and social infrastructure spaces.
Project preparation and development is key and PPP also stands for preparation.
Group Managing Director of the NNPC, Malam Mete Kyari, said in order to address the plight faced by petroleum products marketers and to collaborate with the federal ministry of works to address the issue, NNPC keyed into the Federal Government roads infrastructure development.
Kyari represented by Adeyemi Olatunji, said that NNPC keyed into the road infrastructure development in the area of refurbishment investment tax credit Representative scheme.
“Under the scheme NNPC is providing funding to the tune of N621billion of 1,804.6 Km of identified federal roads.
“The roads which are also critical to NNPC’s operation are spread across 15 states in the country.
He said that the benefits of NNPC’s participation in the scheme include sustaining energy security through efficient distribution of petroleum products across the country and also improving other economic activities that are dependent on road transportation and social benefits.
According to him, NNPC will continue to play its role as an enabler. In view of the importance of road infrastructure for economic growth and development
Mr Uche Orji, Managing Director, Nigeria Sovereign Investment Authority, speaking about the Presidential Infrastructure Development Fund, said the fund was established in 2018 to accelerate the execution of critical infrastructure which include Lagos –Ibadan Expressway.
Orji listed other areas where the fund expected to execute critical projects to include, the second Niger Bridge and Abuja-Kaduna-Zaria-Kano Road, the East-West Road and the Mambilla Hydro Power Project.
“The fund is also expected to boost economic activity and spur an increase in investments, agriculture and trade between the commercial cities due to the improved and quicker access to markets.
“The roads will significantly open the economic corridors leading to massive improvement in manufacturing, trading and commercial activities driven by the ease of movement of people, services and raw materials.
The News Agency of Nigeria (NAN) reports that the Trophee Ndiaye (The African Road Builders) is a series of two conferences of road, transport and mobility stakeholders in Africa.
The event aims to promote developed roads and transport in Africa by rewarding each year an African Head of State for road and transport successes in the country.
President Buhari won the 2021 Super Prize Great Builder Trophee.