Aviation sector to benefit from RIDF
Aviation is set to be part of key economic drivers that will benefit from President Bola Tinubu’s proposed Renewed Hope Infrastructure Development Fund (RIDF).
In a statement by Ajuri Ngelale, the fund targets strategic sectors like agriculture, transportation, ports, energy, healthcare, and education along with aviation.
The initiative plans to inject funds into vital national projects to foster growth, bolster local value addition, generate jobs, and spur innovation.
Efficient use of low-interest loans and financing options will secure advantageous arrangements for project financing and operation.
The focus on aviation enhancement involves modernising major airports nationwide with targeted investments and infrastructure upgrades.
The statement reads, “On aviation enhancement, the focus is on the revitalization and modernization of major airports nationwide. Through targeted investments and infrastructure upgrades, major airports will undergo comprehensive refurbishment, including improvement in terminal facilities, runway expansions, and the implementation of cutting-edge technologies to enhance safety and operational efficiency.”
For agricultural infrastructure, the focus includes developing robust networks like storage facilities and irrigation systems.
In port revitalisation, the goal is to modernise facilities and attract investments to enhance Nigeria’s regional trade hub status.
“By modernizing port facilities and implementing advanced monitoring systems, the goal is to optimize efficiency, attract investments, and bolster Nigeria’s position as a regional trade hub,” the statement read.
Key road projects like Lagos-Calabar Coastal Road aim to enhance connectivity and stimulate economic growth.
Rail projects like Lagos-Kano and Eastern lines will modernise transportation networks for speed and reliability.
President Tinubu’s approval of the RHIDF absorbs the PIDF, expediting project delivery for Nigerians’ benefit.
Projects funded under the RHIDF will have a national spread, reflecting the commitment to equitable development.
