Tinubu Approves renewed hope infrastructure fund [Full Details]

President Bola Ahmed Tinubu has approved the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across pivotal areas of agriculture, transportation, ports, aviation, energy healthcare and education in Nigeria.

Freshreporters News reported that this information was disclosed in a statement on Monday by Tinubu’s Special Adviser, Ajuri Ngelale, who handles media and public relations.

He revealed that the fund would invest in important national projects. These initiatives aim to promote growth, enhance local value addition and create employment opportunities while stimulating technological innovation and exports.

The objectives of the Fund are to:

(1) Establishing an innovative infrastructure investment vehicle to attract and consolidate capital would serve as a dynamic driver for economic advancement.

(2) Implement strategic and carefully selected national infrastructure projects across various essential sectors, which include roads, railways, agriculture (irrigation, storage facilities , logistics & cold chain), ports, aviation among many others.

Efficiently utilize and aggregate available low-interest loans, such as concessionary loans and Eurobonds, supplemented by the procurement of other favorable financing options. Additionally, use budgetary allocations to obtain necessary funds.

Ensure that Nigeria secures the most advantageous arrangements for financing, construction, operation and maintenance of identified projects. This will guarantee optimal long-term outcomes for the nation….[CONTINUE READING HERE]>>

The statement reads; “The Fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments.

“On agricultural infrastructure and food security, the emphasis is on the development of robust agricultural infrastructure networks. This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution.

“On ports revitalization, the strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business. By modernizing port facilities and implementing advanced monitoring systems, the goal is to optimize efficiency, attract investments, and bolster Nigeria’s position as a regional trade hub.

“On aviation enhancement, the focus is on the revitalization and modernization of major airports nationwide. Through targeted investments and infrastructure upgrades, major airports will undergo comprehensive refurbishment, including improvement in terminal facilities, runway expansions, and the implementation of cutting-edge technologies to enhance safety and operational efficiency.

“On road infrastructure, some of the strategic projects to receive attention include the Lagos-Calabar Coastal Road, the Sokoto-Badagry Road, among other key road projects across the nation. This is to enhance connectivity, facilitate transport efficiency, and stimulate economic growth across regions.

“On rail infrastructure, Lagos-Kano and Eastern rail lines are among the projects to be prioritized by the Fund. The aim is to ensure the modernization of transportation networks, fostering interconnectivity between key urban centres, and facilitating the movement of goods and people with greater speed and reliability.”

“As the major infrastructural enabler of his global push for foreign direct investment across sectors, the President has further directed that the projects funded under the Renewed Hope Infrastructure Development Fund (RHIDF) reflect an equitable national spread, such that every Nigerian is impacted by the initiatives of his administration in the most qualitative fashion possible,” the statement concluded.”…[CONTINUE READING HERE]>>