Our Reporter March 31, 2024

President Bola Tinubu’s recent approval of the Renewed Hope Infrastructure Development Fund (RHIDF) during the Federal Executive Council (FEC) meeting on 25th March, 2024, signifies an important step towards addressing Nigeria’s infrastructure needs. This fund is a specialized fund established to address Nigeria’s infrastructure needs. It will serve as a special-purpose vehicle aimed at fostering development across key sectors, including agriculture, transportation, ports, aviation, energy, healthcare, and education.

President Tinubu’s decision to merge the Presidential Infrastructure Development Fund into the new RHIDF is aimed at making operations more efficient and accelerating the delivery of projects. By merging the two funds, it ensures that the RHIDF’s objectives, such as creating innovative investment opportunities and executing strategic national projects are achieved in a timely and effective manner.

The RHIDF is set to raise $14 billion as start-up capital, with a focus on critical national projects, particularly in transportation. These projects include the Lagos-Calabar Coastal Highway and Lagos-Kano and Eastern Rail Lines. President Tinubu also underscores the importance of enhancing agricultural infrastructure to boost food security and reduce post-harvest losses, further emphasizing the fund’s multifaceted approach to development.