David Umahi, the Minister of Works, has revealed that the government needs $35 billion to begin the construction of concrete roads across the country.
He also stated that the Ajaokuta steel company, which has been inactive, will supply 16% of the steel material required for the construction of Nigeria’s concrete roads.
This decision was the focal point of the meeting between the works minister and the Minister of Steel Development, Shuaib Audu, at the ministry’s headquarters in Abuja.
The Chief Press Secretary to the minister, Orji Uchenna, in a statement on Tuesday 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 noted that the funding which would be gotten through a partnership with a commercial bank will be assented to by the federal executive council.
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 analyzed 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.”
According to the statement, the ministers resolved to synergise and strategise on steps to tap into the opportunities in the Ajaokuta Steel Plant for the development of road infrastructure in Nigeria.
He said that tapping into the opportunities in the steel industry would create jobs and wealth for Nigerians and encourage global market industrialisation.
The former Ebonyi State governor also assured the steel minister of his support to enhance the potentialities of the Ajaokuta Steel Plant.
The Minister continued, “One of the renewed hope agendas of Mr. President is to think outside the box, Mr. President inherited a large chunk of debt from the past administration, the beauty about it is that he is not complaining, he knew how the country was before he took the job and how it is. The good thing is that if you have passion for something God will give you an idea.”
Source: PunchStart slideshow
