The Federal Government, through Minister of Works David Umahi, has begun negotiations with the African Development Bank (AfDB) to secure finance for critical stretches of Nigeria’s coastal and trans-Saharan highways.
The negotiations about prospective finance took place on Tuesday at the Minister of Works’ office in Abuja with a group from the African Development Bank led by Mike Salawou, Director of Infrastructure and Urban Development, according to a statement on the ministry’s website.
“As part of the action plan of the Federal Government to increase the economic opportunities of the nation and enhance the transnational investment process as envisioned by the Renewed Hope administration of the President of Nigeria, His Excellency, President Asiwaju Bola Ahmed Tinubu GCFR, the Hon. Minister of Works, His Excellency Sen. Engr Nweze David Umahi CON, has opened a discussion with the African Development Bank on possible funding for the construction of some road projects.
Umahi emphasized that the Coastal and Trans-Sahara Highways will provide long-term infrastructure and promote industries along their courses.
Umahi noted that funds from the African Development Bank (AfDB) would be necessary to address sections of the coastal and trans-Sahara roadways that have not yet been built, granted, or taken over by concessionaires under the Highway Development and Management Initiative (HDMI).
The minister spoke about the coastal highway project, which would stretch 700 kilometers from Lagos to Cross River, passing through the coastal states of Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom before ending in Cross River.
He also mentioned that there would be extensions, such as a spur to the Ogoja Road and the African Trans-Sahara Road leading to Cameroon.
Umahi further stated that the coastal road project had been thoroughly designed in portions to ensure orderly development and execution.
He added that Hi-tech Construction Limited was granted the first portion of Phase One last week, which measures 47.47 kilometers.
According to him, the initial phase runs from Ahmadu Bello Way to the Lekki deep seaport, culminating at the Lekki Peninsula.
The next phase of the coastal road, which is roughly 57 kilometers long, intends to connect the end of phase one to the boundary between Ogun and Ondo states.
Umahi stated that the coastal highway’s financing is expected to attract various investors, with Hi-tech Construction Nigeria Limited spearheading the charge. He said that discussions and cooperation with Hi-tech, as well as the Honourable Minister of Finance and the Coordinating Minister of the Economy, are expected to accelerate the project’s development.
Salawo, the African Development Bank’s (AfDB) spokesperson, reaffirmed the bank’s commitment to assisting member countries’ economic progress and social advancement.
He strongly supported the Nigerian government, emphasizing the bank’s willingness to give technical and financial aid for road infrastructure development.
