recent approval of the Renewed Hope Infrastructure Development Fund during the Federal Executive Council meeting on 25th March, 2024, signifies an important step towards addressing Nigeria’s infrastructure needs. This fund is a specialized fund established to address Nigeria’s infrastructure needs. It will serve as a special-purpose vehicle aimed at fostering development across key sectors, including agriculture, transportation, ports, aviation, energy, healthcare, and education.
The RHIDF is set to raise $14 billion as start-up capital, with a focus on critical national projects, particularly in transportation. These projects include the Lagos-Calabar Coastal Highway and Lagos-Kano and Eastern Rail Lines. President Tinubu also underscores the importance of enhancing agricultural infrastructure to boost food security and reduce post-harvest losses, further emphasizing the fund’s multifaceted approach to development.
Adedeji emphasizes the transformative potential of the RHIDF in driving economic growth and connectivity across various sectors. With its focus on inclusive progress, the RHIDF aims to leave no community behind, ensuring that all Nigerians benefit from improved infrastructure, job creation, and enhanced economic opportunities. It will also eliminate the need for borrowing for infrastructural development.
This step ushers in a new era of hope and opportunity for our nation. Thank you, Mr. President, for your dedication to building a brighter future for all Nigerians.
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