The Federal Government of Nigeria has started a discussion with African Development Bank on possible funding for construction of some sections of the Coastal and Trans- Sahara Highways in parts of the country.
Works Minister, Sen Engr David Umahi made this known in a meeting with delegation from AFDB led by the Director, Infrastructure and Urban Development, Mike Salawou held at the office of the Minister Ministry of Works, in Abuja on Tuesday.
This is part of the action plan of the FG to increase the economic opportunities of the nation and enhance the transnational investment process as envisioned by the Renewed Hope administration of the President, Bola Ahmed Tinubu.
Speaking during the meeting, the Minister said this project would be a measure to provide enduring infrastructure and industrialization along the corridors, is expected to carry a large network of paved highways that will create a good transport environment and trade routes for moving goods and services along the North- South corridors.
He said opportunities of investment on infrastructure development abound along the coastal and trans-sahara routes, including opportunities for investment in the hospitality industry, tourism, agricultural production, estate, park, and industrial business
Umahi added that the funding would be required to tackle the sections of the Coastal and Trans-Sahara Highways not yet constructed, awarded, or taken over by concessionaires under the Highway Development and Management Initiative(HDMI).
According to him “The coastal road is 700 km. 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 kilometers.
“We have spores to the Ogoja road, the one you did, the African Trans-Sahara road that is going to Cameroon, he further said. “We are sectioning the roads. Just last week, we awarded section one, phase one, and phase one is 47.47 kilometers. It’s already awarded to Hi-tech Construction Limited.
“We have phase two, which is about 57 kilometers, 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”.
And also said, “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 Honourable Minister of Finance Coordinating Minister of the Economy”.
As contained in a statement released by the Minister’s aide, earlier, the spokesman of the team from AFDB and Directior of Infrastructure and Urban Development said the bank has mandate to contribute to the sustainable economic development.
“And social progress of its regional members individually and jointly and is therefore prepared as a multilateral institution to offer a robust partnership to the FG, especially by providing technical and financial support for the development of road infrastructure in Nigeria”.
He said, “So as the African Development bank, we are ready to assist you. To make it easy for us, we need to have studies available to make sure how we 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”
He further added” And the third one, the dualization of the road between Nigeria and Cameroon will foster regional integration between the two counties, because I believe Nigeria is Cameroon’s number one trade partner So, we need to reinforce the modernized infrastructure there.”