Nigeria’s federal government has opened talks with the African Development Bank (AfDB) for possible funding of the construction of some sections of the Coastal and Trans-Sahara highways in Nigeria and Cameroon.
Minister of Works and Housing, David Umahi, stated on Tuesday that it was part of the action plan of the federal government to increase the economic opportunities of the nation and enhance the transnational investment process.
Umahi spoke during a meeting with a delegation from the AfDB led by the Director, Infrastructure and Urban Development, Mike Salawou, in Abuja.
The projects, the minister said, would provide enduring infrastructure and industries along the corridors and is expected to carry a large network of paved highways that will create good transport environment and trade routes for moving goods and services along the North-south corridors.
Umahi said opportunities for investment in infrastructure development abound along the coastal and Trans-Sahara routes, including opportunities for investment in the hospitality industry, tourism, agricultural production, estates, parks and industrial businesses.
He said that funding would be required to tackle the sections of the highways not yet constructed, awarded, or taken over by concessionaires under the Highway Development and Management Initiative(HDMI).
“The coastal road is 700km. That is phase one and it is running from Lagos through Ogun state to Ondo State, passing through the coastal states of Delta, Bayelsa, Port Harcourt, Akwa Ibom, and ending in Cross River in 700 kilometres.
“We have spores to the Ogoja road, the one you did, the African Trans-Sahara road that is going to Cameroon. We are sectioning the roads.
“Just last week, we awarded section one, phase one, and phase one is 47.47 kilometres. It’s already awarded to Hi-tech Construction Limited. We have phase two, which is about 57 kilometres, taking us from the end of phase one.
“Phase one ends at Lekki Peninsula. It takes us from Ahmadu Bello Way to Lekki Deep Sea Port. Phase two takes us to the boundary between Ogun State and Ondo State. That’s about 57km.
“It’s going to be available for a number of funders under the lead investor, That’s Hi-tech Construction Nigeria Limited. So that is available, and when discussion comes up, then there will be a need for us to meet with Hi-tech and the Minister of Finance Coordinating Minister of the Economy,” a statement by his spokesman, Uchenna Orji, stated.
Earlier, the spokesperson of the team from AfDB, Salawou, said the bank has a mandate to contribute to the sustainable economic development and social progress of its regional members individually and jointly.
He said that the AfDB was therefore prepared as a multilateral institution to offer a robust partnership with the federal government of Nigeria, especially by providing technical and financial support for the development of road infrastructure in Nigeria.
“So as the African Development Bank, we are ready to assist you. To make it easy for us, we need to have any studies available to make sure we can support you on this project.
“So we are ready. We can see where we can find the resources to support you in structuring the different projects. The dualisation of the road between Nigeria and Cameroon will foster regional integration between the two countries, because I believe Nigeria is Cameroon’s number one trade partner So, we need to reinforce the modernised infrastructure there,” he said.
Follow us on:
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
Evacuations of 30,000 people are underway in central Japan as heavy rains threaten severe flooding,…
An employee of California's state fire protection agency, known as Cal Fire, has been arrested…
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…