The federal government has begun bilateral discussions with the African Development Bank (AFDB) on how best to increase the economic opportunities of the nation and to enhance the transnational investment process as part of the Renewed Hope administration of President Bola Tinubu.
Minister of Works, Engr. David Umahi, who opened the round table discussion with the AFDB delegation in Abuja, said it was to strategize on possible funding for the construction of some sections of the Coastal and Trans-Sahara Highways in parts of 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.
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.
Umahi 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.
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).
He said, "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 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 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 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 and Coordinating Minister of Economy."
Speaking, spokesperson of the team from 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.
"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," he assured.
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