By OBSERVERS TIMES
The Nigerian government is optimistic about the nation’s economic trajectory, with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, asserting that the Gross Domestic Product (GDP) is set to experience accelerated growth in the coming years. This optimistic outlook is underpinned by strategic efforts to enhance infrastructure investment through long-term private concessions, particularly in the highway sector.
During a recent high-level meeting in Abuja, which he chaired alongside Senator Abubakar Atiku Bagudu, the Minister emphasized the critical role of private sector involvement in driving infrastructure development. The meeting brought together concessionaires responsible for nine major highway projects spanning over 900 kilometers, collectively valued at ₦1.5 trillion, all expected to be executed under 25-year concession agreements.
Edun underscored that the Nigerian economy has regained macroeconomic stability, despite facing global economic headwinds 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 stated, highlighting the need for private capital to accelerate development.
The Minister pointed to the successful concession of the Benin-Asaba highway as a model for future projects, showcasing the potential for collaboration with institutional and global investors. This project serves as a proof of concept, demonstrating the viability of private sector participation in infrastructure development.
To ensure the timely execution of these projects, Edun relayed the Minister of Works’ directive requiring concessionaires to provide proof of funds, a move aimed at enhancing accountability and efficiency in project mobilization.
Senator Bagudu echoed Edun’s sentiments, reiterating President Tinubu’s commitment to a strategic pivot towards private sector-driven infrastructure development. This approach not only allows investors to recoup their investments through tolling but also addresses critical public financing gaps that have hindered infrastructure progress in Nigeria.
The Highway Development and Management Initiative (HDMI) is a cornerstone of the government’s Renewed Hope Agenda, which is anchored on principles of fiscal discipline, strategic investment, and job creation. By fostering an environment conducive to private investment, the government aims to stimulate economic growth, create employment opportunities, and improve the overall quality of life for Nigerians.
As the government moves forward with these initiatives, the focus remains on harnessing the potential of the private sector to build a robust infrastructure framework that supports sustainable economic growth and development across the nation.
