The Nigerian Federal Government has secured the financing of the ongoing Lagos-Calabar Coastal Highway project. The funding for the project was secured via an Engineering, Procurement, Construction and Financing (EPC+F) agreement with Hitech Construction Company Nig. Ltd, it revealed on Tuesday.
Furthermore, according to the Minister of Works, David Umahi, securing funds for this highway project is in line with the Federal Government’s roadmap for sustainable funding of key legacy projects that are aimed at spurring economic growth in Nigeria.
Project Factsheet
Length: Approximately 750 kilometers
Route: From Victoria Island, Lagos to Calabar, Cross River State
States Covered: Lagos, Ogun, Ondo, Delta, Bayelsa, Rivers, Akwa Ibom, Cross River
Construction Start Date: March 2024
Expected Completion Date: 2031
Estimated Cost: N4 billion per kilometer
Economic and Social Impact:
Job Creation: Expected to generate direct and indirect employment opportunities
Economic Expansion: Improved access to industrial zones, tourist destinations, and economic hubs in the region
Social Development: Enhanced access to education, healthcare, and essential services
Environmental Impact:
Sustainability: Adoption of concrete technology for cost efficiency and reduced carbon emissions
Additional Features:
Wind Turbines: Incorporated within the highway corridor to generate clean energy
Solar Lights: Installed along the highway for better visibility and safety
Train Service: Planned to run in-between the entire alignment
Also read: 700Km Lagos-Calabar Coastal Highway Construction Commences
Completion of Phase 1 of the Lagos-Calabar Coastal Highway
The first 30 kilometres of the highway project, which is Phase 1 Section 1, will be finished before May 29. This timeline was revealed by the Minister just recently.
Furthermore, the minister revealed that the flag off of the construction works of Sections 3A and 3B of the highway in Calabar was imminent.
Additionally, the permanent secretary of the ministry signed the agreement on behalf of the Federal Government alongside the Managing Director of Hitech Construction Ltd, Danny Aboud. The permanent secretary also emphasized that this agreement was reached in full compliance of the law.
“We are very thankful to God Almighty for this highway project that Mr. President kicked off. Indeed, it has been a dream of roughly 27 years and has been made fresh before us, we are lucky to be part of this wonderful, evolving, mega project, biggest ever known in the continent-The Lagos-Calabar Superhighway,” the permanent secretary said.
“Therefore today, we have signed the EPC+F contract, which means Engineering, Procurement, Construction, plus Finance.”
Federal Government to Fund Part of the Project
Lastly, the Federal Government will also participate on funding of the highway project. “The Federal Government will fund 30% of the project. This is being fulfilled by the president and as for now, there is a foreign aspect on the project which is the foreign funding. This will fast track the performance of this highway project,” he added.
Also read: Lagos-Calabar Coastal Highway to cost the taxpayer US$3.2m per kilometre
