The Lagos State Government is partnering with the Structured Investment Company (STIC) to build a standard trailer truck terminal at the Orile-Iganmu axis in Lagos.
The project will be carried out under the Public-Private Partnership (PPP) is expected to cost approximately N22 billion.
This was disclosed in a statement signed by Ope George, the Director-General, Office of Public-Private Partnerships (PPP).
He said it would be constructed in three phases, which will accommodate about 5,000 trucks at the same time when completed.
George stated that the project will be executed using the Build, Finance, Design, Operate, Manage and Transfer PPP model with a 30-year concession period.
According to him, the terminal is expected to proffer a permanent solution to the hectic traffic situation around the Orile-Iganmu/Apapa ports area by decongesting the perpetual gridlock in the area.
He said, “The project will create employment opportunities for various categories of persons. It will reduce the rate of accidents on the roads as truck drivers can make use of available relaxation facilities within Truck Terminal premises for rest in-between travels.
“The project, which will cost about N22 billion, will be financed by Messrs Structured Trade Investments Company, using the combination of equity and debt method.’’
The PPP arrangement will involve the provide software technology to enable truck tracking and an e-Call up system, he said.
The proposed Trailer Truck terminal is a welcome development that would possibly help ease the traffic gridlock that is being experienced on that axis.
The Lagos State Government and the federal authorities have been struggling to end the indiscriminate parking of heavily loaded vehicles and end the traffic gridlock in that area but have been unsuccessful despite several initiatives including enforcement.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
