President Bola Tinubu has approved the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria.
In a statement yesterday by presidential spokesman, Ajuri Ngelale, he said the Fund will invest in critical national projects that will, among other things, promote growth; enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.
According to him, the objectives of the Fund are to: “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 utilize 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.”
He said the Fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments.
On agricultural infrastructure and food security, the presidential spokesman said the emphasis is on the development of robust agricultural infrastructure networks.
According to him, this encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution.
On port revitalisation, he said the strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business.
Ngelale said by modernising 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.
On aviation enhancement, he said the focus is on the revitalisation and modernisation of major airports nationwide.
