• Tuesday, April 16, 2024
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Tinubu targets infrastructure growth with Renewed Hope Fund launch

Tinubu grants scholarship to children of 17 soldiers killed in Delta

President Bola Tinubu has approved the establishment of the Renewed Hope Infrastructure Development Fund (RHIDF), a comprehensive initiative designed to spearhead infrastructure enhancement across Nigeria’s vital sectors.

This was revealed in a press statement released and signed by Ajuri Ngelale, the special adviser to the president on media and publicity, on Monday.

According to the statement, the RHIDF is set to channel investments into pivotal areas such as agriculture, transportation, ports, aviation, energy, healthcare, and education, laying the groundwork for a robust economic future.

The Fund is poised to play a transformative role in the nation’s infrastructure landscape, with a strategic focus on projects that promise to catalyze growth, bolster local industries, generate employment, and foster technological innovation.

Ajuri said the Fund is to achieve the following objectives:

“Establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement.

“Execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics & cold chain), ports, and aviation, among others.

“Efficiently utilise and aggregate accessible low-interest loans such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations.

“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.”

The investment strategy of the Fund is multifaceted, encompassing direct project financing through budgetary allocations and Special Purpose Vehicles (SPVs), co-financing arrangements involving public-private partnerships with key institutions and multilateral development bodies, as well as direct equity investments, according to the statement.

“On agricultural infrastructure and food security, the emphasis is on the development of robust agricultural infrastructure networks. This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution,” the presidency said.

The revitalisation of port facilities is another strategic priority, with the RHIDF aiming to rejuvenate Nigeria’s ports and related infrastructure. This initiative is expected to streamline operations, improve the ease of doing business, and modernise facilities with advanced monitoring systems, thereby enhancing efficiency, attracting investments, and solidifying Nigeria’s status as a key regional trading hub.

The enhancement of aviation infrastructure is also on the agenda, with major airports across the country set to undergo significant upgrades. These improvements will encompass terminal facility enhancements, runway expansions, and the integration of state-of-the-art technologies to elevate safety standards and operational efficiency as stated in the statement.

Road infrastructure will see strategic projects like the Lagos-Calabar Coastal Road and the Sokoto-Badagry Road receiving focused attention. These initiatives are designed to improve connectivity, transport efficiency, and stimulate economic growth across various regions.

“On rail infrastructure, Lagos-Kano and Eastern rail lines are among the projects to be prioritized by the Fund. The aim is to ensure the modernization of transportation networks, fostering interconnectivity between key urban centres, and facilitating the movement of goods and people with greater speed and reliability,” Ajuri said in the statement.

Tinubu has also decreed that the existing Presidential Infrastructure Development Fund (PIDF) be subsumed under the RHIDF. This integration is anticipated to streamline processes, eliminate bureaucratic inefficiencies, improve access to domestic and international counterpart funding, and accelerate the delivery of infrastructure projects for the Nigerian people, according to the presidency.