FG backs private investment in highway projects, targets ₦1.5trn concessions
The Federal Government has reiterated its commitment to unlocking infrastructure investment through long-term private sector concessions, particularly in highway development, as part of efforts to boost economic growth and job creation.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this on Tuesday in Abuja after chairing a high-level meeting with stakeholders under the Highway Development and Management Initiative (HDMI).
The meeting, which was jointly presided over by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, brought together concessionaires handling nine major highway projects covering over 900 kilometers. The projects have a combined value of ₦1.5 trillion and are expected to be executed under 25-year concession agreements.
Edun said the government’s infrastructure development drive is now anchored on private-led delivery to accelerate growth, especially following Nigeria’s recent return to macroeconomic stability despite global economic challenges and reduced oil revenues.
“We have stabilised the economy. Now, we must grow—faster, broader, and inclusively. Private-led infrastructure delivery is central to that mission,” Edun said.
He cited the successful concessioning of the Benin-Asaba Highway as a key example, with institutional and global investors already backing the project. He also emphasized that the Minister of Works has directed concessionaires to show proof of funding to ensure rapid mobilisation and execution.
On his part, Senator Bagudu reaffirmed the Tinubu administration’s policy shift towards private sector-driven infrastructure, which allows investors to recoup their investments through tolling and other mechanisms, thereby reducing reliance on public financing.
The HDMI initiative is a key component of the Renewed Hope Agenda, which focuses on fiscal discipline, strategic investments, and large-scale job creation.
