The Federal Government has concluded plans to concession the Lagos-Abeokuta Express Way alongside 11 others to willing investors who are expected to takeover the management of the road.
This decision of the government was conveyed by the Minister for Works and Housing, Mr. Babatunde Fashola at a news conference in Abuja on Wednesday.
According to the minister the decision forms part of the Highway Development Management Initiative (HDMI) being worked out by the government.
Other roads that have been listed for concessioning in the first phase of the initiative listed out in first phases of the scheme are Benin-Asaba; Abuja-Lokoja, Kano-Katsina, Onitsha-Owerri, Shagamu-Benin, Abuja-Keffi.
Also slated for concessioning are Kano-Maiduguri, Potiskum-Damaturu, Lokoja-Binin; Enugu-Port Harcourt, Ilorin-Jebba and Lagos-Badagry.
Fashola stated that the country would make the sum of N1.1tr from capital investment, saying it would also generate an estimated 50,000 direct jobs and 200,000 indirect jobs to Nigerians.
These 12 roads were carefully chosen to ensure that each of the 6 (SIX) geo political zones are covered. They aggregate in total to 1963.24 km which is 5.6% of the 35,000 km Federal road network.” He said.
He added that “The process started on the 17th June 2020 with legislative consultation to get parliamentary support and endorsement which I believe was successful and we are assured that if there is need for legislative support, the response will be reasonably swift.”
The minister added that the Federal Government is executing over 700 different contracts which aggregates to the rehabilitation and reconstruction of over 13,000 km of roads and bridges across all the 36 states including the Federal Capital Territory.