Minister of Works David Umahi says the Federal Government needs $35 billion to kick-start the construction of concrete roads nationwide.
According to a statement issued by Chief Press Secretary to the Minister, Orji Uchenna, this was disclosed when Umahi met with Shuaib Audu, Minister of Steel Development, in Abuja on Tuesday.
He quoted the minister as saying the ministry is looking at how Ajaokuta Steel would contribute 16 percent of the material to be used in the construction of concrete roads across the country.
“How do we reactive Ajaokuta Steel? We are going into the concrete road. In this concrete road, about 16 percent of it is steel, while 30 percent is cement. We need a lot of money to start, but we decided to face it, and God has given us an idea: we need about 35 billion dollars to start. If we start waiting for FG, it might become difficult. We did return on investment (ROI); the profit we could have made will go to bank interest. We are looking at commercial banks, but the Federal Executive Council has to endorse it. If this could be done, it means Mr. President is actually living up to his words, and this is going to be possible.”
“One of the renewed hope agendas of Mr. President is to think outside the box. Mr. President inherited a large chunk of debt from the past administration. The beauty about it is that he is not complaining; he knew how the country was before he took the job and how it is. The good thing is that if you have passion for something, God will give you an idea.”
According to the statement, the ministers resolved to synergize and strategize on steps to tap into the opportunities at the Ajaokuta Steel Plant for the development of road infrastructure in Nigeria.
He said that tapping into the opportunities in the steel industry would create jobs and wealth for Nigerians and encourage global market industrialization.
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