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The Nigerian federal government has announced plans to raise N20 trillion in economic investment through the launch of the Renewed Hope Infrastructure Development Fund (RHIDF).
The fund aims to support projects that promote growth, enhance local value-addition, create employment opportunities, and boost exports.
Minister of Information and National Orientation, Mohammed Idris, disclosed this at the 4th ministerial briefing held in Abuja.
The targeted projects for the fund include the construction of the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Motorway, the Lagos-Kano Motorway, the modernization of ports and aviation facilities, and the Eastern Rail Lines.
Minister of Power Adebayo Adelabu also highlighted that 85 per cent of the population still benefits from electricity subsidies, despite the recent electricity tariff increase for 15 per cent of customers enjoying at least 20 hours of power supply.
The launch of the Renewed Hope Infrastructure Development Fund is a significant step towards addressing Nigeria’s infrastructure challenges and promoting economic growth.
By investing in critical sectors such as the real sector of the economy, transport, social services, agriculture, and ICT, the government aims to create a more conducive environment for businesses and job creation.
The fund will also help to modernize Nigeria’s infrastructure, ensuring that the country is well-positioned to compete in the global market and attract further investment.
This initiative reflects the government’s commitment to improving the lives of its citizens and fostering sustainable economic development in Nigeria.
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