The Presidential Infrastructure Development Fund is going to complete four critical infrastructure projects worth N2.3tn, the Nigeria Sovereign Investment Authority stated on Thursday.
A presentation by the NSIA at the 7th Edition of Africa Road Builders event in Abuja, indicated that part of the fund was being deployed for the construction of the Lagos-Ibadan Expressway, Abuja-Kaduna-Zaria-Kano Road, Second Niger Bridge and Mambilla hydropower project.
This came as the NSIA delivered 16 security vehicles to the Nigeria Police Force to help boost economic activities on the Abuja-Kaduna-Kano Road, following the directives of the President, Major General Muhammadu Buhari (retd.).
“We were directed by the President to support the work of the police by providing the vehicles for the Abuja-Kaduna-Kano road,” the Managing Director, NSIA, Uche Orji, stated in Abuja.
The NSIA’s report at the road builders’ event stated that the expected impact of the ongoing projects under the PIDF includes job creation and the facilitation of poverty alleviation, among others. The NSIA manages the PIDF.
“The PIDF will complete four critical projects costing a total of $5.6bn
(N2.3tn). The financing of these projects has the potential to yield between 274,000 and 616,000 new direct and indirect jobs,” the report read in part.
It added, “It will boost economic activities and spur an increase in investments, agriculture and trade between the commercial cities due to the improved and quicker access to markets.
“The roads will significantly open the economic corridors leading to massive improvement in manufacturing, trading and commercial activities driven by the ease of movement of people, services and raw materials.”
It stated that the PIDF was established in 2018 to accelerate the execution of critical infrastructure projects, which include the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road, jointly referred to as the “ongoing projects.”
“It also included East-West Road Project and Mambilla hydropower project. The East-West Road project was removed from the PIDF portfolio based on the request of the Ministry of Niger Delta Affairs for its excision to enable MNDA undertake the EWR project as a public works contract,” the authority stated.
He added, “This was approved by Mr. President’s in a directive communicated on June 8, 2020. The development of Mambilla is yet to commence. NSIA has undertaken a value engineering exercise to determine design efficiency, cost optimisation and enhance overall project viability.”
For the Lagos-Ibadan Expressway, the report stated that Julius Berger Nigeria Plc and Reynolds Construction Company were the contractors, putting the project cost at N311.4bn, while stating that N99.6bn had been disbursed.
It put the estimated completion date for the project at July 2022, adding that the percentage completion for sections 1 and 2 were 87 and 73 per cent, respectively. The Lagos-Ibadan Expressway is located in Nigeria’s South-West region.
For the Second Niger Bridge, the NSIA named Julius Berger Nigeria Plc as the contractor. It said the initial cost of the project was N206.2bn, while there was an additional cost of N88.1bn.
The project is projected to be completed in 2022, as N165.3bn had been disbursed, with a percentage completion of 84 per cent. The Second Niger Bridge is in the South-East.
The Abuja-Kaduna Kano Expressway is also being handled by Julius Berger. It had an initial project cost of N155.7bn, while the revised project cost was put at N655.2bn.
The initial estimated completion date was 2021, while the revised estimated completion was put at 2025. The NSIA said the amount so far disbursed was N307.1bn. The project is ongoing in the North.
The Mambilla Hydropower project has a cost of N1.765tn. It is a greenfield project located in the North-East region of Nigeria.