‘N4trn Road Investment Will Spur Jobs, Economic Growth Across Southwest’

Property analyst and chairman of the Association of Capital Market and Valuers (ACMV), Chudi Ubosi, has said that the over N4 trillion reportedly approved by the Federal Executive Council (FEC) for major road infrastructure projects across the country will stimulate economic growth, create employment opportunities and improve living standards, particularly across the Southwest region.

Ubosi stated this while reacting to reports that the Federal Government has committed more than N4 trillion to strategic road projects nationwide, excluding the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway and other ongoing rehabilitation works.

According to him, large-scale infrastructure investments remain one of the most effective instruments for driving economic expansion and unlocking opportunities across various sectors of the economy.

He explained that road construction projects generate extensive economic activities along the construction value chain, creating jobs for manufacturers, suppliers, contractors, engineers, artisans and numerous service providers.

“When the government invests in roads, contractors purchase cement, iron rods and other building materials. Manufacturers increase production, suppliers record higher sales, artisans secure jobs, while professionals such as engineers and consultants earn income. The money continues to circulate within the economy, creating a multiplier effect,” he said.

Ubosi noted that beneficiaries of such projects often reinvest their earnings in other productive ventures, including housing, transportation and small businesses, further stimulating economic activities and supporting sustainable growth.

He argued that infrastructure spending offers a more sustainable means of injecting funds into the economy than direct cash transfers, as it not only creates jobs but also delivers long-term assets that enhance productivity and competitiveness.

Beyond the economic benefits, the ACMV chairman said improved road networks would significantly boost productivity and enhance the quality of life for millions of Nigerians by reducing travel time and easing daily commuting challenges.

Using the Lekki-Epe corridor as an example, Ubosi noted that improvements in road infrastructure in the area have considerably reduced travel time, enabling residents to devote more hours to productive activities.

According to him, shorter commuting periods also help reduce stress, fatigue and other health-related challenges associated with spending several hours in traffic.

Ubosi further stated that improved road infrastructure could positively impact the housing sector by making it easier for people to reside in more affordable locations while maintaining access to employment and economic opportunities.

He particularly highlighted the proposed Badagry-Sokoto Highway as a transformative project that could open new economic corridors and accelerate regional development nationwide.

The project, he said, would encourage the emergence of new towns, industrial clusters and commercial hubs along its route, while lowering transportation and logistics costs for businesses.

“If this road had been completed years ago, it would have eased pressure on existing highways and accelerated development in many parts of the country. It will make the movement of goods faster, reduce costs and support economic expansion,” he said.

Ubosi added that lower transportation costs would ultimately translate into cheaper goods and services for consumers, thereby improving economic efficiency and competitiveness.

While acknowledging that the full benefits of infrastructure investments may not be immediately visible, he maintained that completed road projects have already delivered measurable gains and that sustained investment would generate even greater returns in the future.

On the housing market, Ubosi identified Nigeria’s housing deficit as the major factor responsible for the excessive agency and commission charges often imposed on prospective tenants by some real estate agents.

He explained that inadequate housing supply, driven by high financing costs, expensive land acquisition, rising construction expenses, regulatory bottlenecks and challenges associated with land documentation, has intensified competition for available accommodation.

According to him, the imbalance between housing demand and supply has created an environment where some agents impose arbitrary charges because prospective tenants have limited alternatives.

“The excessive charges are largely a symptom of the housing deficit. When many people are competing for very few available apartments, some agents take advantage of the situation because they know another person is willing to pay if one tenant refuses,” he said.

Ubosi stressed that expanding housing supply remains the most effective long-term solution to reducing exploitative charges and improving affordability in the property market.

He therefore called for policies that would encourage housing development, reduce barriers facing developers and improve access to affordable financing, noting that a larger housing stock would help restore balance to the market and ease the burden on prospective tenants.