FG Approves N4.2 Trillion for Major Infrastructure Projects, Unveils Plan to Boost Creative Economy
The Nigerian federal government has approved road infrastructure projects totaling N4.2 trillion, including key highways, bridges, and the second phase of the Lagos-Calabar Coastal Road. The road projects aim to improve connectivity, road safety, and support economic growth. The Lagos-Calabar Coastal Road, the largest allocation, will receive N1.334 trillion for the construction of a 130-kilometre dual carriageway spanning Lagos, Ogun, and Akwa Ibom states. The government is focusing on durability with concrete pavements for many of these roads, enhancing long-term infrastructure sustainability.
In addition to the Lagos-Calabar road, the government has approved several other projects, such as the reconstruction of the Abuja-Kano road, Lokoja-Benin road, and the Delta and Anambra state access roads. These projects are expected to boost economic development by improving transport networks across the country. Concrete roads will be prioritized to ensure better durability and reduce maintenance costs in the long term, with the government stressing that the projects are cost-effective compared to previous asphalt-based contracts.
The Federal Executive Council (FEC) also approved road projects worth N159.5 billion for the Federal Capital Territory (FCT), including major roads in Abuja and surrounding areas. These improvements will enhance urban mobility, reduce congestion, and support economic growth in the nation’s capital. The FCT government aims to complete these projects within stipulated timelines to improve infrastructure and accessibility, in line with urban expansion goals.
In a bid to diversify the economy beyond oil, the government also unveiled an ambitious plan to develop Nigeria’s creative and tourism sectors. The plan, expected to contribute $100 billion to the GDP and create over two million jobs, involves the establishment of the Creative and Tourism Infrastructure Corporation (CTIC). This initiative will attract both domestic and international investment to build the infrastructure needed to support Nigeria’s growing creative industries, including Nollywood, music, and tourism.
The CTIC’s objectives include creating world-class infrastructure for talent development, preserving cultural heritage, and fostering global recognition of Nigeria’s creative potential. Projects under consideration include the development of creative cities, cinema screens, a National Digital Distribution Network, and expanding cultural institutions. The initiative aims to tap into Nigeria’s vast creative resources, contributing to economic transformation and positioning Nigeria as a global cultural hub.
Source: THIS DAY