Several financial institutions have expressed strong interest in participating in the execution and funding of major Federal Government road projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway.
Minister of Works, Senator Dave Umahi, made the disclosure while speaking with journalists after inspecting ongoing works on the Lagos-Calabar Coastal Highway and key bridge infrastructure in Lagos.
“I have had meetings with a lot of financial institutions, and they are very eager to participate,” he said.
Umahi explained that the Federal Government is working toward completing Section One of the Lagos-Calabar Coastal Highway by December, which he said would unlock new waves of international financial support.
“We are doing everything to complete Section 1 by December and have it approved, and that will open a floodgate for other financial aids,” he said.
The minister praised President Bola Tinubu’s support and leadership, noting that international funders who visited the site were impressed by the scope and quality of work being executed.
“One thing I must commend the President for—and, of course, beat my chest and say glory be to God—is that the international funders came and saw the quantum of work we are doing. That, for me, is a pass mark,” Umahi said.
He also provided an update on the recently inaugurated 30km stretch of the Lagos-Calabar Coastal Highway, clarifying that it would not be opened to the public until an additional 17.47km segment of Section One, Phase One, is completed.
“We completed 20km at the beginning, and then we completed another 10km. Now, the contractor, Hi-Tech Construction Company, is working round the clock to complete the 17.47km segment,” he explained.
“When that is done and connected, motorists travelling from Ahmadu Bello Way to the Lekki Free Zone will be able to drive seamlessly on the coastal highway,” the minister added.
Umahi also announced that the road will be tolled once opened, to ensure its regular maintenance and sustainability.
“Whether these roads are tolled or not, they need constant maintenance,” he said, emphasizing the government’s resolve to maintain high standards for road infrastructure across the country.