Posted by In an effort to improve the country’s economic prospects and facilitate international investment, the federal government has initiated bilateral talks with the African Development Bank (AFDB) as part of President Bola Tinubu’s Renewed Hope administration.
During the round table discussion with the AFDB delegation in Abuja, Nigeria’s Minister of Works, Engr. David Umahi, stated that the purpose of the meeting was to plan for potential financing of the building of certain sections of the Coastal and Trans-Sahara Highways in various parts of the country.
The statement was released on Tuesday by Barrister Orji Uchenna Orji, who serves as the Special Adviser (Media) to the Honorable Minister of Works.
Mike Salawou, Director of Infrastructure and Urban Development at the African Development Bank (AFDB), headed the trip.
A vast network of paved highways is anticipated to create an excellent transport environment and trade routes for moving goods and services along the North-South corridors, as stated in the statement. The Minister has stated that this project would be a measure to provide enduring infrastructure and industrialization along the corridors.
Investment possibilities in the hospitality industry, tourism, agricultural production, estate, park, and industrial enterprise are plentiful along the coastline and trans-Sahara routes, according to Umahi.
The minister announced that the remaining portions of the Trans-Saharan and Coastal Highways that have not been built, granted, or taken over by concessionaires as part of the Highway Development and Management Initiative (HDMI) will need money.
“The coastline road is 700 km,” he stated. This is the first section, and it stretches 700 kilometers from Lagos to Cross River, via Ogun and Ondo States, the coastal states of Delta and Bayelsa, Port Harcourt and Akwa Ibom, and so on.
The Ogoja road, which is part of the Trans-Saharan African highway leading to Cameroon, is where our spores have settled. The roadways will be divided. Section one, also known as phase one, is 47.47 kilometers long and was awarded only last week. Hi-tech Construction Limited has already been given it. The second segment begins at the conclusion of the first and continues for approximately 57 kilometers.
The Lekki Peninsula marks the end of Phase 1. Our journey begins on Ahmadu Bello Way and ends at the Lekki deep sea port. The second leg of the journey will get us to the Ondo-Ogun State border. Approximately 57 kilometers is the distance. Additionally, several funders will have access to it through the primary investor.
Hi-tech Construction Nigeria Limited is that company. We will need to arrange a meeting with Hi-tech as well as the Honorable Minister of Finance and Coordinating Minister of Economy once the time comes for us to discuss this matter, but it is certainly available.
Speaking on behalf of the AFDB team, Salawou, director of infrastructure and urban development and spokesperson, emphasized the bank’s responsibility to help its regional members achieve long-term economic and social prosperity.
Therefore, we are prepared to lend you a hand here at the African Development Bank. If you could kindly provide us with any relevant studies, we would greatly appreciate it. This will allow us to better assist you with this project. “So we are prepared; we can identify the resources that will assist you in organizing the various projects,” he promised.