The Federal Government has announced plan to fund critical road projects in the country through its Infrastructure Bond Instruments.
Minister of Power, Works and Housing, Mr Babatunde Fashola disclosed this when he received a delegation from Institutional Investors in Abuja.
According to a statement signed by Mr Olusegun Ogunkayode, a Principal Information Officer in the ministry, the delegation was led by Dr Damola Sogunle, the Managing Director of Stanbic IBTC.
Fashola said the use of Infrastructure Bond Instruments to complement government efforts was to fast track the execution of road projects across the country.
He said the use of Tax Relief and Islamic banking “Sukuk” was not enough to provide the needed critical infrastructure in Nigeria.
The minister called for the reorganisation of the housing sector in the country and urged financial institutions to be the vanguard of the reorganisation.
He said Nigeria would borrow a leaf from countries like the United Kingdom that have successfully utilised similar investment practice.