Minister of Works David Umahi said the government needs $35 billion to start building concrete roads across the country.
Umahi disclosed this during a meeting with his counterpart, Minister of Steel Development, Shuaib Audu, at the Ministry of Steel Development headquarters in Abuja.
The minister’s Chief Press Secretary, Orji Uchenna, said in a statement on Tuesday that the meeting underlined the importance of coordination, cooperation and consistency in implementing the Federal Government’s action plan for national development. .
He also said the moribund Ajaokuta Steel Company would provide 16 percent of the steel and 30 percent of the cement needed to construct Nigeria’s roads with concrete pavements.
“How can we reinvigorate Ajaokuta Steel? We are going into a concrete road. In this concrete road, about 16 percent is made of steel and 30 percent is made of cement. It takes a lot of money to start. We decided to work on it and God gave us an idea.
“You need about $35 billion to start. It might get difficult once you start waiting for FG. We analyzed the return on investment and the profit you would get. Part of it is bank interest. It will be.
“We are considering a partnership with a commercial bank, but the Federal Executive Committee needs to approve it. If that happens, it means the president is keeping his word and it will be possible. Probably.”
Source: dailypost.ng