President Bola Tinubu administration’s measured investments in strategic infrastructure are reinforcing strategic foundations intended to attain the $1 trillion economy for Nigeria.
The above position was held by All Progressives Congress (APC) National Chairman, Prof. Nentawe Yilwatda, while receiving the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State, at the party’s secretariat in Abuja recently.
In a statement by his Special Adviser on Media and Information Strategy, Abimbola Tooki, Yilwatda remarked that the Federal Government’s direct investments in critical areas like seaports, education, roads, railways, power sector, among others were designed to lay the right foundation that would leapfrog the nation into a production-based economy that will create jobs and engender sustainable national prosperity.
Yilwatda noted that the Tinubu administration has adopted a deliberate approach to infrastructure development, recognising that no economy can achieve sustained growth without efficient transportation networks and other critical infrastructure that connect people, businesses, markets and productive centres.
He said the administration was working towards establishing five major deep seaports in different parts of the country, including the Badagry Deep Sea Port in Lagos State, Olokola Deep Sea Port along the Ondo-Ogun coastal axis, Ibom Deep Sea Port in Akwa Ibom State, Bakassi Deep Sea Port in Cross River State and Bonny Deep Sea Port in Rivers State.
The APC chairman said, “These are not isolated infrastructure projects. They are part of a larger economic strategy. We are building the infrastructure that will support the one-trillion-dollar economy that President Bola Ahmed Tinubu has set as a target for Nigeria.”
Yilwatda added that besides the seaports, the Federal Government was equally developing coastal highways and other road networks to connect the major ports and improve the movement of people, goods and services.
He said “We are building seven coastal roads to connect the five deep seaports. The government is deliberate about this. We want to ensure that our transportation infrastructure supports trade, investment and economic activities across the country.”
On the often criticized rail line linking Nigeria with Niger Republic, Yilwatda explained that the rail project linking Nigeria to Maradi in Niger Republic, would boost regional trade and Nigeria’s economic competitiveness.
He explained that Maradi is a major commercial centre with longstanding economic ties to northern Nigeria and that the rail connection would facilitate faster and cheaper movement of people and goods while strengthening Nigeria’s position as a regional trade and logistics hub.
According to him, the project is also expected to increase the volume of goods transiting through Nigerian ports by providing landlocked Niger Republic with more efficient access to the country’s seaports.
He disclosed that there were 81 road projects in the North-Central alone, while more than 260 federal road and bridge projects were being executed across the six geopolitical zones.
He further noted that 27 major road projects valued at about N3.9 trillion had recently been approved across 15 states, describing the investments as part of the administration’s broader strategy to reduce travel time, facilitate commerce and stimulate investment.
“Our objective is to improve connectivity across the country so that Nigerians can travel from one part of the country to another within a reasonable period. Better roads mean better commerce, easier access to markets, improved access to healthcare and education, and greater opportunities for investment,” Yilwatda said.
On the tax reforms, the APC Chairman said the objective was to ensure fairness by making those with lower incomes pay less while those with greater earning capacity contribute proportionately more.
Yilwatda said the administration’s foreign exchange reforms had significantly improved the management of the market and were aimed at reducing the distortions associated with the parallel market.
Prof. Yilwatda said the country’s economic indicators were increasingly positive, citing a GDP growth rate of about 4.0 per cent and improved investor confidence.
He disclosed that Nigeria had also attracted significant investment commitments, including Shell’s reported $20 billion investment, which he said would create employment opportunities and stimulate economic activities across several sectors.
The APC Chairman said the administration’s economic reforms must also be understood within the context of its investment in human capital, particularly education and healthcare.
He commended the Governing Council of the Federal University of Health Sciences, led by Muhammad Audu, for contributing to the development of highly skilled manpower in the health sector.
Yilwatda said the university was an important investment in Nigeria’s future adding that the government’s investment in affordable university education had contributed significantly to producing highly educated professionals who were making valuable contributions both domestically and internationally.
He commended the Minister of Education for his commitment to the education sector, saying the progress being recorded in education was critical to the development of Nigeria’s human capital.
The Pro-Chancellor of the Federal University of Health Sciences, Otukpo, Professor Muhammad Audu, thanked Prof. Yilwatda for receiving the Governing Council and appealed for his support in facilitating access to President Bola Ahmed Tinubu and the Minister of the Federal Capital Territory, Mr. Nyesom Wike.
Audu said such high-level engagement would enable the university to present its vision and developmental needs directly to the President and the FCT Minister and seek their intervention in accelerating critical infrastructure projects essential to the continued growth of the institution.
Yilwatda assured the delegation that their request would be addressed, harping that the development of institutions such as the Federal University of Health Sciences, Otukpo, was consistent with the administration’s broader goal for human capital development.