Minister of Works, David Umahi, has revealed the Federal Government’s need for a staggering $35 billion to initiate the construction of concrete roads across the country. This disclosure came after Umahi’s meeting with Shuaib Audu, Minister of Steel Development, in Abuja, as per a statement by Chief Press Secretary Orji Uchenna.
Umahi highlighted the ministry’s plan to integrate Ajaokuta Steel, aiming for a 16 percent contribution of materials for the nationwide concrete road construction. Expressing concern over the revival of Ajaokuta Steel, Umahi emphasized the pivotal role it could play in the infrastructure projects, outlining the materials’ composition—16 percent from steel and 30 percent from cement.
“To kickstart this endeavor, we require about $35 billion. Waiting for federal allocation might pose challenges, so we’ve explored Return On Investment (ROI) options. A portion of potential profits will cater to bank interest. While considering commercial banks, Federal Executive Council’s endorsement is vital,” stated Umahi.
He highlighted President’s agenda to innovate, emphasizing the need to think innovatively amid inherited debts. Umahi praised the President’s proactive approach, attributing the proposed strategy as a testament to the President’s commitment to innovative solutions.
The statement underscored the ministers’ resolve to collaborate in leveraging Ajaokuta Steel’s potential for the nation’s road infrastructure development. They aimed to harness opportunities within the steel industry to generate employment, wealth, and drive industrialization in Nigeria’s global market.