From Juliana Taiwo-Obalonye, Abuja
In a bid to address Nigeria’s staggering infrastructure needs, President Bola Tinubu approved the Renewed Hope Infrastructure Development Fund (RHIDF), the Presidency has said.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement, explained that the groundbreaking initiative, approved unanimously by the Federal Executive Council on Monday, aims to tackle the country’s infrastructure deficit, which requires a staggering $35 billion annually until 2040.
He added that the RHIDF is set to revolutionize key sectors such as road and rail construction, agriculture, aviation, education, health, energy, and technology, propelling economic growth and development nationwide.
He described RHIDF as a game-changing Fund for National Development, adding that with a target of raising N20 trillion (approximately $14 billion) as initial capital, it is poised to support projects that will not only boost economic growth but also create employment opportunities and enhance exports.
Onanuga added that one of RHIDF’s primary focuses is on strengthening the agricultural value chain to bolster food security by reducing post-harvest losses and fortifying food supply networks.
He said major infrastructure projects like the Lagos-Calabar Coastal highway, Sokoto-Badagry Expressway, and modernization of ports and aviation facilities are among the key targets of the Fund.
He said unlike the Presidential Infrastructure Development Fund (PIDF), under President Muhammadu Buhari, the RHIDF aims to cast a wider net for investment capital. It seeks funding from various sources including Pension Funds, Concessionary Loans, Insurance companies, sovereign wealth funds, private sector investors, and individual investors, including the Diaspora Nigerians.
Onanuga Said President Tinubu emphasized that the Fund, to be managed by a Director-General and housed within the Presidency, will streamline project implementation by cutting through bureaucratic hurdles that often delay critical initiatives.
He explained that Tinubu’s vision for the RHIDF extends beyond infrastructure development. He aims to leave a lasting legacy of socially and economically impactful policies, including student loans, social security for the unemployed, and consumer credit.
Drawing on his experience with successful projects like the Lagos Metropolitan Area Transport Authority (LAMATA), Onanuga said President Tinubu is determined to drive tangible progress and transformation across various sectors, echoing the sentiments of many members of the Federal Executive Council who lauded the initiative.
The presidential media aide said the unveiling of the Renewed Hope Infrastructure Development Fund marks a significant milestone in Nigeria’s quest for robust infrastructure and economic growth. With a clear focus on addressing critical national projects and fostering sustainable development, the RHIDF signals a new era of progress and prosperity for the nation.
“President Tinubu’s strategic vision and commitment to impactful policies underscore a promising future for Nigeria’s infrastructure landscape, promising a brighter tomorrow for all its citizens.”