The federal government has begun discussions with the African Development Bank (AFDB) as part of the action plan to increase the economic opportunities of the nation and enhance the transnational investment process as envisioned by the Renewed Hope administration of President Bola Tinubu.
Minister of Works, Engr. David Umahi, who opened the round table discussion with the ADB delegation in Abuja was to strategise on possible funding for the construction of some sections of the Coastal and Trans-Sahara Highways in Nigeria.
This was contained in a statement issued on Tuesday by Barrister Orji Uchenna Orji, Special Adviser( Media) to the Honourable Minister of Works.
The delegation was led by African Development Bank (AFDB) Director, Infrastructure and Urban Development, Mike Salawou held at the office of the Honourable Minister Federal Ministry of Works, David Umahi on 5th March 2024.
According to the statement, the project which the Minister said 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.
The 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, estate, park, and industrial business.
The minister said that 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).
“The coastal road is 700 km. That is phase one and it runs 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.
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“We have spore to the Ogoja road, the one you did, the African Trans-Sahara road that is going to Cameroun. We are sectioning the roads. Just last week, we awarded section one, phase one, and phase one is 47.47 kilometres. It’s already been 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. And also it’s going to be available for several 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 and Coordinating Economy.
Speaking, spokesperson of the team from the Africa Development Bank (AFDB) and Director of Infrastructure and Urban Development, 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 stated that a multilateral institution is to offer a robust partnership to 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 how 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.
Explaining that the third one, the dualization of the road between Nigeria and Cameruon will foster regional integration between the two counties, believing that Nigeria is Cameruon’s number one trade partner ensuring the need to reinforce the modernized infrastructure there.
