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FG raises N300bn for Lagos-Ibadan road, second Niger bridge

By BusinessNews Staff on January 22, 2014

The Federal Government is mobilising about N300bn from private investors under Public Private Partnership for the construction and rehabilitation of three major roads in Nigeria.

According to the government, construction work on one of the projects has commenced while work on the remaining two will begin in the first quarter of 2014.

The Minister of Works, Mr. Mike Onolememen, outlined the projects to include the reconstruction of the Lagos-Ibadan Expressway, construction of the second Niger Bridge and rehabilitation of the approach route of the Murtala Muhammad International Airport road.

Onolememen spoke at the headquarters of the Federal Ministry of Works during a courtesy call to the ministry by the board and management of the Infrastructure Concession Regulatory Commission.

He said, “Today we have successfully launched one of our projects and two others will be launched very shortly, perhaps in the first quarter of 2014. I’m talking about the Lagos-Ibadan Expressway, on which construction has commenced, and I’m also talking about the second Niger Bridge and the approach route of the Murtala Muhammad International Airport.

“Among these three projects, we are bringing vast resources from the private sector to the tune of about N300bn into these infrastructure development projects. And if you consider it with the budget of the ministry, this would not have been possible because you have about 180 projects struggling to get a little from the about N100bn that is available for the ministry.

“But here we have this three projects alone gulping about N300bn and you are certain that the projects will be driven to completion at the scheduled completion time. So this is one of the advantages of using the PPP.”

[Punch]

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