$35 billion is needed to initiate nationwide road construction, according to Umahi.

Minister of Works, David Umahi, has emphasized the necessity of a $35 billion investment to initiate the construction of concrete roads nationwide. This disclosure came during a meeting with the Minister of Steel Development, Shuaib Audu, held at the ministry’s headquarters in Abuja.

According to a statement released on Tuesday by the Chief Press Secretary to the minister, Orji Uchenna, the meeting underscored the importance of coordination, cooperation, and coherence in executing the Federal Government’s action plans for national development.

Umahi highlighted that the ailing Ajaokuta steel company could contribute significantly to the project, providing 16 per cent of the steel material and 30 per cent of the cement required for the construction of Nigeria’s roads using concrete pavement.

Addressing the revival of Ajaokuta Steel, Umahi stated, “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.”

Concerning the funding, he explained, “We need about $35 billion to start. If we start waiting for the 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.”

Umahi expressed consideration for a commercial bank partnership, contingent on the endorsement of the Federal Executive Council. He added, “If this could be done, it means Mr. President is living up to his words, and this will be possible.”