Nigeria’s president, Bola Tinubu would need to execute a number of billion-dollar projects to offset the myriad of challenges he inherited when he assumed office. These projects would not only strengthen the Nigerian economy but would also showcase Tinubu’s visionary approach and intellectual prowess in steering the nation towards unprecedented prosperity.
Tinubu who faces fierce opposition from political parties struggling to accept his victory at the polls, in his inauguration speech promised to govern Nigeria and not rule over them. However, we know that good governance involves making the nation a comfortable place to live in by tackling the problems Nigerians grapple with.
As we proceed we would examine projects that Tinubu should prioritise to provide succour to the Nigerian populace. Let’s get in.
The Mambilla Hydroelectric Power Project ($5.8 billion)
It is no longer news that Nigeria’s power supply has remained largely inadequate, unaffordable and unreliable. According to reports, about seventy-six million Nigerians or 40.7% of the Nigerian population are not connected to the national power grid.
Worse is, those who are connected are not supplied with the total power they require. These power supply problems put Nigerians in a place where they have to generate a significant portion of their electricity with highly polluting off-grid alternatives and at a cost that is more than twice the cost of grid-based power.
If Tinubu completes the Mambilla Hydroelectric Power Station, it would be a major source of electricity for the country. With a 3,050 MW capacity, the project will be the largest power-generating installation in the country and one of the largest hydroelectric power stations in Africa when completed. Located in Kakara village, Taraba State, Nigeria, the total cost of the project is budgeted at $5.8 billion.
Executing this project will also provide 50,000 temporary and permanent jobs which is consistent with Tinubu’s plan to create one million new jobs for youths.
Olokola Liquefied Natural Gas and West African Gas Pipeline ($9.8 billion)
President Tinubu must prioritise the completion of the Olokola Liquefied Natural Gas (OK LNG) project and the West African Gas Pipeline (WAGP). These two major gas projects are capable of making gas a critical catalyst in Nigeria’s economy.
The OK LNG project which involves the construction and operation of a Four Train LNG plant and the WAGP established to provide gas transportation were expected to spur domestic gas demand, generate electricity and strengthen Nigeria’s revenue base. By executing these projects, Tinubu would be putting Nigeria at the forefront of Africa’s gas production.
Lagos–Kano Standard Gauge Railway ($8.3 billion)
Designed to connect the Atlantic Ocean port city of Lagos to Kano, the Lagos-Kano Standard Guage Railway is a multi-segmented project. While two segments (Abuja-Kaduna and Lagos-Ibadan) of the railway have been completed other segments are yet to be completed. If Tinubu should execute this project, economic activities in the region will witness a boost.
Other segments include the Ibadan-Osogbo-Ilorin, Osogbo–Ado Ekiti, Ilorin-Minna, Minna–Abuja, and Kaduna-Kano.
Port Harcourt, Warri, and Kaduna Oil Refinery
The Port Harcourt, Warri, and Kaduna oil refineries were shut down because they were functioning below capacity. Rather than rely on the 650,000 barrels per day production capacity of Dangote’s refinery, Tinubu should make sure that these three refineries are reopened and functioning at their best capacity.
The president can do this by ensuring that the Port Harcourt Refinery is ready before the end of the year as promised by the Group Chief Executive Officer (GCEO), of the Nigeria National Petroleum Company (NNPC) Limited, Malam Mele Kyari. Kyari also noted that the Warri and Kaduna refineries should start production next year.
By doing this, Tinubu can conveniently end the subsidy regime and re-channel funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
Ajaokuta Steel Project ($8 billion)
Designed to serve as the bedrock of Nigeria’s industrialisation, the Ajaokuta steel complex reportedly reached 98 per cent completion before it was abandoned. This abandoned project was conceived in 1979 by the administration of General Olusegun Obasanjo to develop industrialization and have a functional steel industry in the country.
Tinubu who desires to achieve a higher GDP growth and significantly reduce unemployment can do so by executing this billion-dollar project.
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