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HomeTop NewsNigeria's sovereign wealth to invest N2.3 trln in completion of Lagos-Ibadan, 3...

Nigeria’s sovereign wealth to invest N2.3 trln in completion of Lagos-Ibadan, 3 other projects

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The Nigeria Sovereign Investment Authority (NSIA) has said that it will invest N2.3 trillion Presidential Infrastructure Development Fund (PIDF) into the completion of four critical infrastructure projects across the country.

In a presentation, the NSIA indicated that part of the fund was being deployed for the construction of the Lagos-Ibadan Expressway, Abuja-Kaduna-Zaria-Kano Road, Second Niger Bridge and Mambilla hydropower project.

The NSIA also delivered 16 security vehicles to the Nigeria Police Force to help boost economic activities on the Abuja-Kaduna-Kano Road, following the directives of President Muhammadu Buhari.

The presentation was made at the 7th Edition of Africa Road Builders event in Abuja by the Managing Director, NSIA, Uche Orji, who said that; “We were directed by the President to support the work of the police by providing the vehicles for the Abuja-Kaduna-Kano road.”

The NSIA’s report at the road builders’ event stated that the expected impact of the ongoing projects under the PIDF includes job creation and the facilitation of poverty alleviation, among others. The NSIA manages the PIDF.

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“The PIDF will complete four critical projects costing a total of $5.6 billion (N2.3 trillion). The financing of these projects has the potential to yield between 274,000 and 616,000 new direct and indirect jobs,” the report read in part.

“It will boost economic activities and spur an increase in investments, agriculture and trade between the commercial cities due to the improved and quicker access to markets.

“The roads will significantly open the economic corridors leading to massive improvement in manufacturing, trading and commercial activities driven by the ease of movement of people, services and raw materials.”

It stated that the PIDF was established in 2018 to accelerate the execution of critical infrastructure projects, which include the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road, jointly referred to as the “ongoing projects.”

“It also included East-West Road Project and Mambilla hydropower project. The East-West Road project was removed from the PIDF portfolio based on the request of the Ministry of Niger Delta Affairs for its excision to enable MNDA undertake the EWR project as a public works contract,” the authority stated.

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