Dangote Group, the Nigeria Liquefied Natural Gas Limited (NLNG), and four other companies have joined in on the federal government drive to build infrastructure across Nigeria.
The companies, which also includes Lafarge Africa Plc, Unilever Nigeria Plc, Flour Mills of Nigeria Plc, and China Road and Bridge Corporation Nigeria Limited, will build 19 roads, totaling 794.4km in 11 states across each of the six geopolitical zones of the country.
This is made possible with the signing of executive order 007 2019, which was signed by President Muhammadu Buhari to allow private companies construct and refurbish roads across the country.
Following the order, the two-year-old Nigeria Industrial Policy and Competitiveness Advisory Council (Industrial Council) has chalked a landmark achievement in accelerating infrastructure development for economic growth.
Zainab Ahmed, the minister of finance, who listed the roads at the signing ceremony said the scheme is the outcome of efforts to think outside of the box and deploy new techniques to develop critical road infrastructure in the country.
THE EXECUTIVE ORDER
The executive order is a Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme that enables the federal government of Nigeria leverage private sector funding for the construction or refurbishment of eligible road infrastructure projects.
It focuses on the development of eligible road infrastructure projects in an efficient and effective manner that creates value for money through private sector discipline; and guarantees participants in the scheme timely and full recovery of funds provided for the construction or refurbishment of eligible road infrastructure projects through tax credits.
This executive order is one of the initiatives midwived by the Policy and Regulation Subcommittee of the Industrial Council, which is focused on implementing initiatives to incentivize investment; and reduce smuggling.
Industrialists in the council expressed their willingness to intervene in road rehabilitation and construction in their areas of operation in a thorough and transparent process that ensures the cost of construction/rehabilitation can be recouped, the Federal Ministry of Finance had conceived the idea. It promptly proposed the scheme for the Industrial Council to develop.
The Scheme is widely viewed by stakeholders who have been engaged in the public and private sectors as a quick-win in road construction and enjoys wide-spread acceptance as a means of accelerating growth within industrial clusters.
DANGOTE: THIS WILL SAVE GOVT BILLIONS
In his speech at the signing ceremony, Aliko Dangote, president and CEO of Dangote Group, stated that, “the impact is huge because it will allow private sector to use their capital, their know-how and also their efficiency in terms of delivering roads in time and the Nigerian government will be saving billions of naira.”
The Federal Executive Council approved the Industrial Council in March 2017 as a vehicle for partnering with the private sector on the industrialisation agenda to address key hindrances to the growth of manufacturing in the country.
The council, chaired by Vice-President Yemi Osinbajo, aims to increase the contribution of the manufacturing sector to gross domestic product and establish Nigeria as the manufacturing hub for Africa by implementing initiatives aimed at accelerating industrialization by leveraging private sector expertise and capital.
Okechukwu Enelamah, minister of industry, trade, and investment, who is one of its vice chairmen of the council, explained that, “the council’s mandate is to assist the government in implementing initiatives that will enhance the performance of the industrial sector through partnerships with the private sector.”
The leadership of the Industrial Council consists of Vice-President Yemi Osinbajo (Chairman); Enelamah (vice-chairman, public sector); Aliko Dangote (vice-chairman private sector); Aisha Abubakar, minister of state, industry, trade and investment, (Alternate vice-chairman, public sector); and Atedo Peterside (alternate vice-chairman, private sector).
Other infrastructure initiatives which the Industrial Council is facilitating their implementation include the ongoing the deployment of 18,000 KM of fibre across the country to improve broadband penetration; and the generation of additional 4.2GW of power to the national grid.
Society News2 years ago
EXCLUSIVE: The Complete Story of Dolapo Awosika, John Fashanu and Prophet Kasali Sex Mess
News11 months ago
BREAKING: Ajimobi’s daughter-in-law blast Gov. Makinde, says gov can’t surpass ex-Oyo gov
News9 months ago
BREAKING: Police take over Edo House of Assembly as APC, Oshiomhole move to seize control
News10 months ago
BREAKING: 2 arrested as NAF begins investigations into Tolulope’s death
Crime1 year ago
Exclusive: Female Aide Fingered In Oko Oloyun’s Murder + Banking Transactions That Nailed Husband
News10 months ago
How Ex-EFCC Spokesman, Tony Orilade Buried Dad
News11 months ago
Pastor Osagie Ize-Iyamu, His Membership Of Secret Cult, And Other Issues Touching On His Public Credentials Examined by Barr. PATRICK I. BIOSE
News10 months ago
Buruji Kashamu’s Health Worsens, Moved to First Cardiology Hospital!