The Federal Government has said Nigeria’s road network has an estimated asset value of over N70 trillion.

The Managing Director/Chief Executive Officer (CEO) of the Federal Road Maintenance Agency (FERMA), Dr Emeka Agbasi, stated this on Monday in Abuja while delivering the Africa University of Science and Technology (AUST) 10th convocation lecture.

Delivering the topic, “Improving Road Infrastructure for Enhanced Socio-economic Development in Nigeria”, Dr. Agbasi said the agency has acquired state-of-the-art facilities from the Japanese government for road maintenance in the country.

The FERMA boss highlighted the benefits of improved road infrastructure in the country, which include economic growth, job creation, reduced travel time, increased safety, improved access to services, enhanced connectivity, increased agricultural productivity, boosted tourism, and improved quality of life, among others.

The convocation lecturer stressed that 95 per cent of the country’s movements rely on roads and, therefore, called for the exploration of alternative funding sources for road development, including the implementation of tolls.

The Managing Director stressed the need for a risk-based approach to mitigate the environmental impact of road construction projects.
He also announced plans to establish the FERMA Assets Management Company, which will focus on securing additional funding for the agency.

He stressed the importance of aligning FERMA’s efforts with the Renewed Hope Policy on Transportation and highlighted the implications for the agency.

Dr. Agbasi reiterated FERMA’s commitment to delivering its statutory mandates and driving President Tinubu’s Renewed Hope Agenda through various highlighted programs.
He outlined the agency’s road network strategies, focusing on sustained road surveillance, accelerated repairs, recovery of failed and collapsed roads, as well as emergency interventions and preventive maintenance measures.

To overcome prevailing challenges, he said the agency’s short- to medium-term priorities include strategic regeneration to enhance overall capacity and capabilities in road access maintenance and management, improving operational funding, and developing collaboration relationships with international road agencies.