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President Tinubu Launches Renewed Hope Infrastructure Development Fund to Accelerate National Projects

March 25, 2024

In a strategic move aimed at expediting national development initiatives, President Tinubu has approved the consolidation of the Presidential Infrastructure Development Fund (PIDF) into the newly established Renewed Hope Infrastructure Development Fund (RHIDF). This decision, geared towards eliminating bureaucratic hurdles, optimizing funding opportunities, and hastening project completion, underscores the administration’s commitment to enhancing infrastructure across Nigeria.

The RHIDF, headquartered within the Presidency, will channel its focus towards bolstering road, rail, agricultural, port, and aviation infrastructure. With an ambitious agenda, the fund seeks to catalyze economic growth, enhance connectivity, and improve the overall quality of life for Nigerians.

Highlighting the roadmap for infrastructure development, the RHIDF will prioritize key projects such as the Lagos-Calabar Coastal Road and the Sokoto-Badagry Road to augment transportation networks and stimulate regional economic activities. Additionally, significant attention will be directed towards modernizing rail networks, with projects like the Lagos-Kano and Eastern rail lines at the forefront.

Recognizing the pivotal role of agriculture in national development, the fund aims to fortify agricultural infrastructure, including the establishment of storage facilities, irrigation systems, and ranching initiatives. This strategic approach aims to bolster food security and enhance the efficiency of agricultural production and distribution channels.

Moreover, the RHIDF underscores the importance of revitalizing port facilities to bolster trade and commerce. By modernizing port infrastructure and implementing advanced technologies, the initiative seeks to improve operational efficiency and position Nigeria as a regional trade hub.

Furthermore, the fund will spearhead the modernization of major airports nationwide, focusing on enhancing terminal facilities, expanding runways, and integrating cutting-edge technologies to improve safety and efficiency.

President Tinubu’s directive to absorb the PIDF into the RHIDF reflects a commitment to streamlining administrative processes, maximizing funding opportunities, and accelerating project delivery. This bold step reaffirms the government’s resolve to address infrastructure deficits and propel Nigeria towards sustained economic prosperity.

 

 

Credit: Imran Muhammad

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