Executive Order #7 - first project breaks ground
Chief Executive of Dangote Industries Limited, Aliko Dangote, earlier this week praised the Nigerian government for the implementation of executive order 7, which allows private sector companies to develop infrastructure in exchange for tax credits.
The Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, will allow investors will use tax credits to reduce corporate taxes until they have recouped the value of their investment.
Ofeme road project
The first project to break ground is the 16-kilometre Ofeme road project. This will see the construction of a concrete ring road around Ofeme with two connection points to the Enugu Port Harcourt Expressway. Two bridges which will connect the town to other communities will also be built.
It is said that the concrete pavement will have a lifespan of about 40 years.
Minister of Power, Works and Housing, Babatunde Fashola said that the project would open up access roads to manufacturing clusters in the area and reduce high transport costs.
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During #ARIIC2019, we will examine alternative funding for road and other critical infrastructure projects, with a special emphasis on the Nigerian credit scheme. Discussions will focus on the suitability of such a scheme across a broader African context.
TAGS #Bridges #Nigeria #DangoteIndustriesLimited #MinisterofIndustryTrade&Investment