The Ministry of Finance in Nigeria has just revealed that the Federal Government has flagged off the 125-kilometer Benin-Asaba Superhighway Construction project in Edo State. This information was revealed in a statement issued on Sunday by Mohamed Manga, who is the ministry’s director general of information and public relations.
Additionally, he also mentioned that the dual carriage Superhighway will be a key driver of economic growth in the region.
Benin-Asaba Superhighway Construction Project Factsheet
Project overview:
- It’s a 125km dual-carriageway, solar-lit superhighway.
- The project aims to enhance connectivity and drive economic growth in the region.
Financing:
- The project is fully financed by the private sector, specifically Africa Plus Partners, through a Public-Private Partnership (PPP) model.
- This financing structure means the project is not reliant on direct federal funding.
Significance:
- It’s considered a milestone in infrastructure financing in Nigeria.
- The project aligns with the Tinubu administration’s “Renewed Hope Agenda,” emphasizing strategic partnerships for infrastructure development.
- The project uses a cashless model.
Location:
- The project is located in Edo State, Nigeria.
- The road will connect Benin to the second Niger Bridge.
Key statements:
- Government officials have emphasized the project’s role in demonstrating the potential of private sector investment in infrastructure.
- Also, there are plans to replicate this PPP model for other infrastructure projects nationwide.
- The roads financed under private sector agreement, like this superhighway, will be tolled upon completion.
Impact:
- The project is expected to generate significant economic benefits, including job creation and increased trade.
Funding of the Benin-Asaba Superhighway Construction Project
Furthermore, he also revealed that the Superhighway project will be fully funded by Africa Plus Partners under a public-private partnership model. Also, speaking at the flag off event in Benin City, President Bola Tinubu who was represented by Monday Okpebholo, Odo State Governor, praised the funding structure of the road project.
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“Additionally, this project is one of a kind. For the private sector to risk its investment, it clearly shows the sector’s belief in the vision of the president and the future of our economy,” the governor stated.
Additionally, as for the minister of finance and coordinating minister of the economy, Wale Edun, described the highway project as another milestone in the country’s infrastructure funding.
“The Benin-Asaba Superhighway Construction project is not dependent on the funding of the Federal Government. Africa Plus Consortium, which has the support of credible investors, has put forward the full capital commitment under the good policies of President Bola Tinubu,” the minister mentioned.
PPP Funding Model to be Adopted Nationwide
Furtthermore, Edun reiterated that the PPP model will be adopted nationwide. He also mentioned that the flagship initiative is part of the renewed hope agenda of the Federal Government. Additionally, it demonstrates how the strategic partnerships are able to unlock a lasting value for the economy.
“This highway project is one of many other projects that will be delivered week after week and month after month. The projects will be delivered via sustainable financial frameworks which ensure efficiency, speed, and transparency,” Edun Wale added.
Lastly, this Superhighway project was described as a cashless model that is “not only imminent but possible”by the Minister of Works, David Umahi.
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