David Umahi, Minister of Works, says the government needs $35 billion to start building concrete roads around the country.
Umahi made the announcement during a meeting with his counterpart, Shuaib Audu, Minister of Steel Development, at the ministry’s headquarters in Abuja.
Orji Uchenna, the minister’s Chief Press Secretary, said in a statement on Tuesday that the meeting highlighted the importance of coordination, cooperation, and coherence in carrying out the Federal Government’s action plans for national development.
He also asserted that the dying Ajaokuta steel mill will produce 16% of the steel and 30% of the cement required to build Nigeria’s roads with 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.