Tinubu approves renewed hope fund to bridge infrastructure gap

The Renewed Hope Infrastructure Fund is expected to be invested in critical national projects aimed at promoting growth; enhancing local value-addition, create employment opportunities, and stimulate technological innovation and exports.

“Guarantee Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation.” “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,” it affirmed.

“President Tinubu has also approved that the Presidential Infrastructure Development Fund be absorbed into the new Renewed Hope Infrastructure Development Fund , “which will successfully eliminate identified bureaucratic inefficiencies, enhance domestic and external counterpart funding opportunities, and expedite project delivery timelines for the benefit of the Nigerian people.”

He said that comes down to about $35 billion annually needed to bridge the infrastructure gap in the country. “So, for us to do that it, requires that we think really outside the box and compare what has worked elsewhere, whether within our country or in other advanced countries that we are actually proud to be associated with. In coming up with this, in the wisdom of Mr. President and magnanimity, so to say, of the Council, that they’ve approved the establishment of the Renewed Hope Infrastructure Fund as the catalyst to actually drive our infrastructure agenda.

He further said: “Then what is our goal is to actually establish an innovative infrastructure investment vehicle that we will use to attract and consolidate capital, serving as a driver for economic advancement.

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