- FG To Splash Over N2tr On Coastal Highways, Several Other Road Projects
- FEC Okays Fresh Investment In Infrastructure, Housing Sector
- FG To Tap Opportunities In Digital Economy, Approves Startup Hub In US
The Federal Executive Council (FEC) chaired by President Bola Tinubu rose from its two-day high-profile meeting on Tuesday, with the approval of a series of significant infrastructure projects and policy initiatives aimed at boosting the economy of the country.
According to a statement by Bayo Onanuga, the Special Adviser, Information and Strategy to President Bola Tinubu via his X page on Tuesday, he noted that the council supported a series of initiatives and measures designed at boosting the economy, facilitating investments, and promoting ease of doing business in the country.
Some of the major announcements were on major road projects, construction of highways, housing projects, infrastructures, digital economy, and even the creative sector.
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For instance, the council approved several road projects. Among them was the reconstruction of Iseyin-Okeho-Iganna Road in Oyo State, construction of Section 2 of the Lagos-Calabar Coastal Superhighway for construction, at a cost of N1.6 trillion.
Approval was also granted for the award of contract for reconstruction of Koton-Karfe -Abaji Road (Abuja bound), along Abuja-Lokoja Route in Kogi state at a cost of N89 billion, the award of contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section. It was on this road that a fuel tanker fell into high water recently, with villagers having to swim to rescue the occupants of the tanker. The reconstruction will be financed by BUA Cement at a cost of N120 Billion under the tax credit scheme.
FEC also approved contracts to various contractors to build roads and bridges in Kaima-Tesse, Kwara State, Benin-Agbor, BeninByepass and Ngaski-Wara in Kebbi State. All the four contracts will cost N546 billion.
CCECC was awarded a contract at N230 billion to build the Kano Bypass. The road which is 37kms long will include bridges and several flyovers. The company has 36 months to complete the work.
The Council approved for procurement the Sokoto-Illela-Badagry superhighway, which is meant to join the Lagos-Calabar Coastal superhighway. The road was first awarded in 1976 and then abandoned.
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In the housing sector, FEC approved an initiative aimed at transforming the nation’s infrastructure and housing sector.
The initiative, as approved by the council, is tailored to meet the urgent demand for critical infrastructure and affordable homeownership and is designed to foster job creation, inclusive growth, and long-term productivity enhancement.
The council gave its nod to the initiative at its meeting at the State House in Abuja on Tuesday.
The initiative will unlock private-sector funds, which Nigerians can access for 25-year mortgages at low interest rates to realise their dream of owning a home.
At a press conference after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, explained the importance of innovative collaborations between the private sector and sovereign-owned enterprises (SOEs) like the Nigeria Sovereign Investment Authority (NSIA) and the Ministry of Finance Incorporated (MoFI).
He said such partnerships are envisioned to strategically channel funding to high-impact areas, ensuring impactful economic outcomes for the people.
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“This alliance signifies a significant step towards driving sustainable development and economic growth in Nigeria by leveraging private-sector resources and expertise in strategic areas of need,” the minister said.
The council also approved plans to convert an existing property of the federal government in San Francisco, United States, to a Nigerian digital technology exchange programme hub also known as Nigeria startup house.
Bosun Tijani, minister of communication, innovation and digital economy, disclosed this in a statement on X on Tuesday.
Tijani said the ministry secured two approvals that offer significant opportunities for Nigerians in general.
He said while the first approval is on the establishment of a startup hub in the US, the other is on the provision of an additional 90,000 kilometres (km) of fibre optic cable to complement the existing connectivity infrastructure.
Speaking about the startup house, the minister said the development would go a long way in attracting foreign direct investments to the country.
“As we work towards achieving key elements of our Trade and IEC strategic blueprint pillars, the Nigerian Startup House will play a critical role in promoting Nigeria’s economic interest, attracting foreign direct investment and improving the visibility and positioning of Nigeria’s startup ecosystem to attract funding and expertise from global markets and organisations represented in the San Francisco Bay Area and beyond,” he said.
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“The San Francisco Bay Area, and nearby Silicon Valley, is recognised globally as a major source of startup ecosystem funding, with a combined GDP value of just over $929 billion and is home to over 200 of the largest companies in the world by revenue.
“In addition, most of the $1.3 billion funding sourced by Nigerian technology startups in 2023 alone came from Venture Capital funds in the Bay Area.”
Tijani said while the ownership of the Nigeria Startup House will remain with the federal government, it would be managed by a consortium of Nigerian digital technology companies who will provide non-public funding for the operations of the startup house.
