The Minister of Works, David Umahi, has estimated that the Federal Government needs about $35 billion to flag off the construction of concrete roads nationwide.
The minister, who gave this hint during his meeting with the Minister of Steel Development, Shuaib Audu, in Abuja, also disclosed that the moribund Ajaokuta steel company would provide 16% of the steel materials needed for the construction of roads in concrete structure.
A statement issued on Tuesday by the Chief Press Secretary to the Minister, Orji Uchenna, indicated that the meeting of the two ministers underscored the imperative of coordination, cooperation, and coherence in the execution of the Federal Government’s action plans for national development.
Umahi explained that the fund, which would be raised through a partnership with a commercial bank, subject to the approval of the Federal Executive Council.
He said: “How do we reactivate the Ajaokuta Steel? We are going into the concrete road, in this concrete road, about 16 per cent of it 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 did an analysis on the Return on Investment and the profit we could have made, part of it will go to bank interest.
“We are looking at a partnership with a commercial bank but Federal Executive Council has to endorse it. If this could be done it means Mr. President is living up to his words and this is going to be possible”, the minister added.
