Nigerian Govt requires over N19trn to complete inherited road projects – Umahi

October 29, 2024

The Minister of Works, Engr David Umahi, has said the pressure on the naira in the foreign exchange market and the removal of fuel subsidy have impacted earlier projections of what the Federal Government would need to complete inherited ongoing road projects nationwide.

Umahi stated this on Monday at a press briefing, noting that President Bola Tinubu’s administration would now require over N19 trillion to complete these projects.

According to him, the new cost represents an increase of N3 trillion over the N16 trillion projected for the projects as of August 2024.

Umahi had said that the funding gap to complete all inherited projects was about N13 trillion as of May 2023, which would rise to over N16 trillion when all projects are reviewed in line with current market realities. He stressed that this increase is due to the removal of fuel subsidy and the floating of the naira.

Addressing the media, the minister explained that these issues have continued to affect the ministry’s activities regarding project delivery.

Umahi said: “The President inherited a total of 2,604 projects as of May 29, 2023. The total cost was N13 trillion, and there was a debt to contractors of N1.6 trillion.

“When you look at the variations due to the floating of the naira, reviewing all these projects gives you a total of over N19 trillion for the ongoing projects.”

He further explained that the President decided to keep all projects active, hoping to secure funding from internal and external sources, including loans, because of his concern for Nigerians’ well-being.

Umahi stated that the President has given priority attention to the Ministry of Works, fully aware that roads and bridges can unleash significant economic benefits for citizens.

He noted that the ministry would not hesitate to revoke the Abuja-Kano road contract awarded to Messrs Julius Berger should it fail to mobilize to the site by the end of the 7-day ultimatum given.

Nigerian Govt requires over N19trn to complete inherited road projects – Umahi

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Nigeria can be leading hub for $7.7trn Global Halal Market–VP Shettima

Vice President Kashim Shettima has tipped Nigeria to become the number one hub of opportunities in the global halal economy. He said the nation’s economic and demographic size puts it in a vantage position to map out a vibrant investment sector for the global halal economy projected to reach a market value of $7.7 trillion
Nigeria can be leading hub for $7.7trn Global Halal Market–VP Shettima

Vice President Kashim Shettima has tipped Nigeria to become the number one hub of opportunities in the global halal economy.

He said the nation’s economic and demographic size puts it in a vantage position to map out a vibrant investment sector for the global halal economy projected to reach a market value of $7.7 trillion by 2025.

Shettima stated this on Wednesday, during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja.

He noted that Nigeria must first reassess its weaknesses and prioritize its strengths to achieve this economic feat.

“For Nigeria to become a hub of opportunities in the global halal economy, we must prioritise our strengths and reassess our weaknesses. Today’s engagement provides a platform for us to collaborate with key international organisations.

“This will allow us to develop a comprehensive halal ecosystem and agree on strategies that will position Nigeria as a top halal exporter, targeting high-value markets,” he stated.

The Vice President commended the private sector for its immense “contributions to driving the halal economy, particularly in the financial sector”, even as he encouraged all stakeholders to partner with the administration of President Bola Ahmed Tinubu in delivering the halal ecosystem.

His words: “To ensure this, we must attract international investment by showcasing the vast opportunities within Nigeria’s halal sector through investor summits, roadshows, and business matchmaking events.

“The expansion of regional trade, particularly through the African Continental Free Trade Area (AfCFTA), also provides us with a pathway to become a leading supplier of halal goods and services across Africa.

“Therefore, we must increase public awareness through strategic orientation campaigns, specialised training programmes, and deeper engagement with the global market to elevate the visibility and competitiveness of Nigeria’s halal ecosystem.”

Describing halal as an economy that accommodates all actors and stakeholders, the VP noted that the halal market holds vast potential that aligns “with the overarching agenda of His Excellency, President Bola Ahmed Tinubu.”

On why the nation will become a leading hub for investment in the halal economy, the VP said, “Nigeria’s economic and demographic size gives us a unique advantage in developing a vibrant halal investment sector.

“With the global halal economy projected to reach a market value of $7.7 trillion by 2025, this opportunity is not only recognised by Muslim-majority countries but also seized by non-Muslim nations, which have become leading exporters of halal products. They understand that the halal ecosystem is designed to meet the highest standards of quality, safety, and sustainability preferred by specific consumers.

Nigeria can be leading hub for $7.7trn Global Halal Market–VP Shettima