Minister of Works, David Umahi says the government requires $35bn to kick-start the construction of concrete roads nationwide.
Umahi disclosed this when he met with his counterpart, the Minister of Steel Development, Shuaib Audu, at the ministry’s headquarters in Abuja.
In a statement on Tuesday, the Chief Press Secretary to the minister, Orji Uchenna, said the meeting underscored the imperative of coordination, cooperation, and coherence in executing the Federal Government’s action plans for national development.
He also stated that the dying Ajaokuta steel company will provide 16 per cent of the steel material and 30 per cent of the cement needed to construct Nigeria’s roads in concrete pavement.
“How do we reactivate the Ajaokuta Steel? We are going into the concrete road; in this concrete road, about 16 per cent is from Steel while 30 per cent 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 to start. If we start waiting for FG, it might become difficult. We analyzed the Return on Investment and the profit we could have made; part of it will go to bank interest.
“We are considering a commercial bank partnership, but the Federal Executive Council has to endorse it. If this could be done, it means Mr President is living up to his words, and this will be possible,” he said.