Tinubu Approves Renewed Hope Infrastructure Development Fund

The Renewed Hope Infrastructure Development Fund will facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria.

Nigeria’s president, Bola Ahmed Tinubu has on Monday approved the creation of the renewed hope infrastructure development fund (RHIDF).

VerseNews reports that this was disclosed in a press release by the president’s Special Adviser in media and publicity, Ajuri Ngelale who said that the fund will facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education.

Aims of Renewed Hope Infrastructure Development Fund:

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

(2) 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.

(3) 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.

(4) 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.

According to Ngelale, 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.

“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.”

“On ports revitalization, the strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business. By modernizing 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, the focus is on the revitalization and modernization of major airports nationwide. Through targeted investments and infrastructure upgrades, major airports will undergo comprehensive refurbishment, including improvement in terminal facilities, runway expansions, and the implementation of cutting-edge technologies to enhance safety and operational efficiency.”

“On road infrastructure, some of the strategic projects to receive attention include the Lagos-Calabar Coastal Road, the Sokoto-Badagry Road, among other key road projects across the nation. This is to enhance connectivity, facilitate transport efficiency, and stimulate economic growth across 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,” the statement reads.

President Tinubu has also given the green light for merging the Presidential Infrastructure Development Fund (PIDF) into the updated Renewed Hope Infrastructure Development Fund (RHIDF).

This strategic move aims to remove bureaucratic obstacles, improve opportunities for both local and foreign funding, and speed up the completion of projects, all with the ultimate goal of benefiting the Nigerian population.