Nigeria’s Federal Executive Council (FEC) has approved $651.7 million that will be utilized for the construction of the 7th Axial Road. This road is a crucial evacuation corridor that connects the Lekki Deep Seaport to major transportation routes that serve the northern and southern parts of Nigeria.
This information was revealed by the Minister of Works David Umahi on Monday following the conclusion of the FEC meeting that took place in Abuja at the Presidential Villa.
Project Factsheet
Location: Nigeria, connecting the Lekki Deep Seaport in Lagos State to the Sagamu-Ore Expressway.
Strategic importance: It’s designed as a crucial evacuation corridor for goods from the Lekki Deep Seaport, including products from the Dangote Refinery and Fertilizer plant, facilitating their movement to the southern and northern states of Nigeria.
Length: The road project involves the construction of a 50-kilometer dual carriageway, along with an additional five kilometers of bridges.
Funding: The Federal Executive Council (FEC) has approved a total of $651.7 million for the project. Funding is being secured from the China Exim Bank, following a presentation by President Bola Ahmed Tinubu to the Chinese President.
Significance:
- Ease pressure on existing ports in Lagos.
- Reduce logistics costs for businesses operating in the Lekki Free Trade Zone and beyond.
- Strengthen economic integration between the southern and northern regions of Nigeria.
- Support high-volume industrial and maritime activities in the Lekki area.
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Length of the 7th Axial Road
Furthermore, Umahi said that the road will entail 50 kilometers of dual carriageway. It will have an extra five kilometers of bridges. The road will facilitate the movement of goods from the Lekki Deep Seaport. These goods will include products from the Dangote Refinery and Fertilizer plant.
The corridor will link Epe to the Sagamu–Ore Expressway. This connection will create a key logistics link to 17 southern states and also wider northern region.
“The 7th Axial Road is an evacuation corridor. It takes us from the Lekki Deep Sea Port, evacuating the goods of the Dangote refinery, Dangote fertilizer, and all the goods of the Deep Sea Port. Additionally, it takes us straight to Epe, and it takes us straight to the Shagamu-Ore Road, which is the exit to the 17 southern states and the other northern states within that axis.
Therefore, it has been approved for a total of $651.7 million,” Umahi said.
Financier of the Project
The road project is expected to acquire funding from the China Exim Bank. Also, the Minister highlighted that the 7th Axial Road project was initially approved during the last administration of President Muhammadu Buhari.
Strategically located within the Lekki Free Trade Zone, the road is expected to support high-volume industrial and maritime activity. It will serve key developments such as the Dangote Refinery and other export-driven institutions.
