The Federal Government, under President Bola Tinubu, has awarded 51 contracts worth N6.27tn over the past eight months to develop various infrastructural projects across Nigeria. These contracts, awarded between October 16, 2023, and May 14, 2024, aim to enhance critical sectors, including road construction, bridge building, train systems, and airport infrastructure.
Among the contracts, 43 road projects and three airport development projects were approved. Notable projects include the N89bn reconstruction of the Koton-Karfe-Abaji road along the Abuja-Lokoja route and the N120bn equalisation of the Lokoja-Benin road. Additionally, the Lagos-Calabar coastal highway project, stretching 700 kilometers through nine states, was awarded to Hitech Construction Company Limited for N1.6tn.
The Federal Executive Council (FEC), chaired by President Tinubu, also approved N1.495tn for 29 roads and bridges on March 26. The Bukuru bridge across the Katsina-Ala River in Benue State and a 91.432km road from Shaki to Okerete in Oyo State were among the significant approvals. Furthermore, N992.23bn was allocated in March for seven road rehabilitation and construction projects, and N5.5bn was dedicated to access roads serving communities along the Abuja light rail project.
In the aviation sector, N4.2bn was awarded for the supply, installation, and training of operators for disabled aircraft recovery systems at Lagos' Murtala Muhammed Airport. The FEC also approved N6.33bn for technical support services and a Multilateration Air Traffic Management system at the Port Harcourt International Airport. These initiatives are part of a broader strategy to bolster the nation's infrastructure, enhancing economic growth and connectivity.
Financial experts praised the government's strategic focus on infrastructure, recognizing it as a proactive move to foster sustainable development. Dr. Muda Yusuf of the Centre for the Promotion of Private Enterprise highlighted the value of these projects in supporting national development, while Professor Segun Ajibola of Babcock University commended the government's creativity in leveraging public-private partnerships. Charles Sanni, CEO of Cowry Treasurers Limited, emphasized the importance of prioritizing projects for maximum economic benefit.
