April 30, 2025
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Wednesday chaired a high-level meeting with partners under the Highway Development and Management Initiative (HDMI), reinforcing the Federal Government’s commitment to unlocking infrastructure investment through long-term private concessions.
The ministry in a statement on Wednesday said, the session, jointly held with the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, convened concessionaires managing nine highway projects covering over 900km, with a combined value of N1.5 trillion and expected to be delivered under 25 year concession agreements.
Minister Edun emphasised that private capital is essential to accelerating development, following Nigeria’s return to macroeconomic stability with a 3.4% GDP growth in 2024, despite global shocks and reduced oil revenues.
He highlighted the successful concession of the Benin-Asaba highway as a proof of concept, already underway with support from institutional and global investors. He also relayed the Honourable Minister of Works’ directive that concessionaires demonstrate proof of funds to ensure timely mobilisation.
Senator Bagudu reaffirmed President Tinubu’s strategic shift toward private sector-driven infrastructure, enabling investors to recover costs via tolling while closing public financing gaps.
The initiative aligns with the Renewed Hope Agenda—anchored on fiscal discipline, strategic investment, and job creation.
