FG Mulls New Measures to Improve Road Infrastructure, PPPs

•Bagudu: $100 billion annual investment required to achieve $30,000 per capita GDP by 2050

James Emejo in Abuja

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday disclosed that the federal government was exploring and testing innovative methods to improve road infrastructure through Public-Private Partnerships (PPPs).

Speaking when he received the new Japanese Ambassador to Nigeria, Mr. Hideo Suzuki, who paid him a courtesy visit in Abuja, Bagudu said partnership will be crucial for unlocking long-term sustainable development.

He stressed that the country’s economy relied heavily on road transportation.

The minister added that Nigeria’s clear objective was to ensure that it benefited equitably from partnership with Japan.

Bagudu said, “Under our Agenda 2050 Long-Term Development Plan, Nigeria estimated that a minimum annual infrastructure investment of $100 billion per annum will be required to achieve its ambitious target of a $30,000 per capita GDP by 2050.

“Furthermore, in response to President Bola Ahmed Tinubu’s eight-point agenda, we are determined to build a $1 trillion economy within the next five years; this is a bold target, and we are already over 10 per cent of the way towards achieving it.”

Bagudu stated that the country was actively addressing the challenges of underinvestment, particularly in infrastructure, stating that the Japanese International Cooperation Agency (JICA) can utilise its unique experiences and innovative approaches employed in other parts of the world.

He expressed gratitude to JICA for its expanding involvement in Nigeria’s national development, stating that the partnership between the two countries will facilitate the integration of global best practices while preserving the distinctiveness of their respective identities and strategic goals.

Earlier, Suzuki provided a brief on the Data Collection Survey on Transport and Logistics in Nigeria. He informed the minister that the project for the development of supporting environment for start-ups and addressing social challenges, which was signed in Abuja in April 2024, was the first of its kind in Japan.

He explained that it had attracted considerable interest in Tokyo due to its innovative and inclusive approach.

Other initiatives included the FCT Reduction of Non-Revenue Water Project, the Project on Promotion of Market-Oriented Agricultural Extension Systems for Livelihood Improvement, and the Role of Post-Harvest Processing and Marketing Pilot Project in Nasarawa and Niger states.

In a statement, Suzuki said the initiatives reflected Japan’s deep commitment to supporting Nigeria in establishing inclusive systems that would tackle genuine, everyday challenges. He expressed his eagerness to further strengthen Japan–Nigeria collaboration across all sectors.

Suzuki replaced Ambassador Matsunaga Kazuyoshi, who spent four years in Nigeria.

The director overseeing the office of the Permanent Secretary, who also doubles as Director, International Cooperation Department, Federal Ministry of Budget and Economic Planning, Dr. Samson Ebimaro, stressed that the key mandate of the ministry was to grow the economy and in growing the economy, the country needed to spur economic activities to increase the Gross Domestic Product (GDP) as well as provide and support an enabling environment for investments.

Ebimaro said, “Delivering key economic variables require adequate and efficient methods of infrastructure, especially in the area of transport.”

Nigeria’s main exports to Japan comprise crude oil, petroleum products, cocoa, and cashew nuts, while the main exports of Japan to Nigeria are machinery, vehicles and chemical products.