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Home General News

AfDB to support FERMA with $10 billion for roads, others 

Chidinma Nwagbara by Chidinma Nwagbara
February 22, 2020
in General News, Politics
Ropeways, AfDB reap gains at Africa Investment Summit, AfDB to support FERMA with $10 billion for roads, others 

Dr Akinwumi Adesina

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In a bid to assist in promoting infrastructural development in the country, the African Development Bank (AfDB) has offered $10 billion to Federal Roads Maintenance Agency (FERMA) for road and other infrastructure projects in Nigeria.

The bank’s delegation led by Dr Abayomi Babalola, a transport specialists/consultant to the bank disclosed this while on a visit to FERMA headquarters in Abuja.

AfDB to support FERMA with $10 billion for roads, others 

How the funds would be disbursed: Babalola made known that the $10 billion loans, which would be used to address funding gaps in FERMA’s operations would be disbursed to different sectors of the economy for a period of 10 years.

He, however, observed that the transport sector had not received much-desired intervention from the bank and informed the management of FERMA that his team was at the agency to identify road projects in Nigeria that can be funded through a well-monitored project circle.

(READ MORE: Senate to probe PPPRA over unremited N800 billion FERMA fund)

According to Babalola, the projects would be of national priority and devoid of political encumbrances. He requested the agency to forward needs and projects that meet these criteria, which will eventually be funded by the bank.

Details: Managing Director FERMA, Nuruddeen Rafindadi appreciated the bank for its contribution towards infrastructural development in the country as he lamented the poor state of roads in the country which he blamed on funding.

Rafindadi assured that when the loan arrangement is approved by the Federal Ministry of Finance, the selected road projects would be effectively executed. Speaking further, he also said that the FERMA and the AfDB would enhance their partnership in order to make Nigerian roads motorable all year round.

“Some of the roads that would benefit from this may not be viable for privatization because of low traffic density, but they are important due to their connection to rural areas with heavy agricultural activities,” he said.

Related

Tags: AfDBAfrican Development BankDr. Abayomi BabalolaFederal Roads Maintenance AgencyFERMAOn the Money

Comments 2

  1. Dr Weggoro says:
    February 23, 2020 at 6:16 am

    Good to hear that. I wish Nigeria all the best

    Reply
  2. Akeju Olagbaju says:
    February 23, 2020 at 8:15 am

    Ferma and Federal Government should reject this loan. It is not necessary. The alternative funding for maintenance of the road should be sourced from private sector haulage companies for coordinated levies and taxes to engage them to develop the road on social responsibility

    Reply

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