The Federal Government has restated its commitment to unlocking over ₦1.5 trillion in private sector investments for the development of Nigeria’s highways under long-term concession agreements.
This was disclosed on Wednesday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, following a high-level meeting in Abuja with key stakeholders involved in the Highway Development and Management Initiative.
The session, co-chaired by the Minister of Budget and Economic Planning, Abubakar Bagudu, brought together concessionaires overseeing nine highway projects spanning over 900 kilometres.
The projects, valued at ₦1.5 trillion, are structured under 25-year concession arrangements.
Edun underscored the critical role of private capital in accelerating infrastructure development amid Nigeria’s post-pandemic recovery and declining oil revenues.
“We have stabilised the economy. Now, we must grow faster, broader, and inclusively. Private-led infrastructure delivery is central to that mission,” he said.
He cited the Benin-Asaba highway concession as a successful example already in progress, attracting institutional and global investors.
Edun also conveyed the Minister of Works’ instruction that all concessionaires must show proof of funding to ensure rapid project mobilisation.
Bagudu reiterated the government’s dedication to an infrastructure approach centered around the private sector, underscoring President Bola Tinubu’s emphasis on lasting development via collaborations between public and private entities.
He pointed out that the HDMI project allows investors to recover their expenses through toll collection systems, simultaneously tackling the country’s shortfall in infrastructure funding.
The programme is an essential element of the Enhanced Hope Strategy, which emphasizes budgetary responsibility, smart investments, and employment generation.
With robust support from private stakeholders, the Federal Government is advancing efforts to enhance economic development and achieve significant infrastructure objectives.
This reinvigorated promise marks a significant achievement in Nigeria’s effort to upgrade its transportation system and draw in sustainable private investment.