Road infrastructure boosts economic growth and boosts productivity – Buhari


President Muhammadu Buhari

President Muhammadu Buhari said building road infrastructure is a great engine for the growth of the economy, boosting the supply value chain and boosting productivity.

Buhari had this to say at the seventh edition of the inaugural African Road Builders-Trophee Babacar Ndiaye 2022 conference, in Abuja on Thursday.

The theme of the conference is “Building Roads, Building Economies”.

The President, Mr. Babatunde Fashola, was represented at the Works and Housing Act.

According to Buhari, it is clear that infrastructure is good for the economy as it builds the economy.

He said the latest GDP of 3.4% was the highest in the last seven years, which clearly shows that the construction sub-sector is linked to the success of the economy and is among the best performers in it. this.

“Thus, the fundamental vision of African leaders is yielding positive results. Evidence of African reminiscence is evident in Nigeria.

“The Babacar Ndayei 2022 trophy for the seventh edition of Africa symbolizes this memory. This is the story of Africa where the long-awaited reminiscence begins to appear in its largest country by GDP.

“It is a proud day for the African Union and its dream for the continent. The policies and programs that have been inaugurated over the years are beginning to bear fruit and their results.

The President also commended the collaboration with the African Development Bank in carrying out the flexibility, consultancy and pre-construction works in the Lagos-Abidjan corridor which includes Nigeria and Benin Republic.

Others are the Republic of Togo, Ghana and the Republic of Côte d’Ivoire, which are part of the Trans-African Highway No. 7, which connects Dakar and Senegal to Lagos in Nigeria.

“I am happy to report that the Nigerian section of this highway is currently under construction from the Lagos-Badagry-Seme corridor through our local fictional institutions.

“Like the tax credit scheme introduced by Order No. 007 and also the collaboration with the Lagos State Government.

“The 375 kilometers from Abuja to Kano that are currently under construction constitute the majority of Nigeria’s Trans-African Highway No. 2.

“In addition to these trans-African road links, we are rebuilding and expanding or replacing strategic roads and bridges across our country.

For his part, the Head of Special Projects and Acting Coordinator of the ICRC, Dr Amanze Okere, said PPPs offer Nigeria a reliable and sustainable financing option, greater accountability, accelerated delivery of infrastructure and faster implementation. projects.

Nigeria’s huge infrastructure deficit is an opportunity to partner with the private sector on win-win terms in virtually all areas of economic and social infrastructure.

Project preparation and development is essential and PPP also means preparation.

NNPC Group Managing Director Malam Mete Kyari said that in order to deal with the difficult situation faced by traders and to work with the Federal Ministry of Public Works to resolve the issue, NNPC got involved. in the development of the federal government’s road infrastructure.

Kyari represented, said the NNPC has entered into the development of road infrastructure in the area of ​​the Renovation Investment Tax Credit Representative program.

“Under this scheme, the NNPC is providing funding to the tune of N621 billion for 1,804.6 km of identified federal highways.

“Roads which are also critical to the operation of NNPC are spread across 15 states in the country.

He said the benefits of NNPC’s participation in the program include maintaining energy security through the efficient distribution of petroleum products throughout the country and also improving other economic activities that depend on road transport and fuels. social advantages. .

According to him, the NNPC will continue to play its role of facilitator. Given the importance of road infrastructure for economic growth and development

Mr. Uche Orji, Managing Director of the Nigerian Sovereign Investment Authority, speaking on the Presidential Infrastructure Development Fund, said the fund was established in 2018 to expedite the execution of critical infrastructure which includes the Lagos-Ibadan highway.

Orji listed other areas where the fund planned to execute critical projects, including the second Niger bridge and the Abuja-Kaduna-Zaria-Kano highway, the East-West highway and the Mambilla hydroelectric project.

“The fund is also expected to stimulate economic activity and stimulate increased investment, agriculture and trade between trading cities through improved and faster access to markets.

“The highways will significantly open up economic corridors that will lead to a massive improvement in manufacturing, trade and business activities through the movement of people, services and raw materials.

The Nigerian News Agency reports that the Ndiaye (African Road Builders) Trophy is a series of two stakeholder conferences on roads, transport and mobility in Africa.

The event aims to promote roads and transport developed in Africa year by an African Head of State for road and transport successes in the country.

reports that President Buhari has won the Super Prize Great Builder Trophee 2021.


About Author

Comments are closed.