The Federal Government of Nigeria has initiated bilateral talks with the African Development Bank (AFDB) aimed at boosting the nation’s economic prospects and improving the transnational investment process, aligning with President Bola Tinubu’s Renewed Hope administration.
During a roundtable discussion in Abuja with the AFDB delegation, the Minister of Works, Engr. David Umahi, expressed the government’s intention to explore funding options for constructing parts of the Coastal and Trans-Sahara Highways in Nigeria. Barrister Orji Uchenna Orji, Special Adviser (Media) to the Minister, revealed this in a statement issued on Tuesday.
The meeting, led by AFDB’s Director of Infrastructure and Urban Development, Mike Salawou, focused on the potential development of these highways. The Minister highlighted that these projects are not just about creating enduring infrastructure but also about stimulating industrialization along these corridors.
He emphasized the significant opportunities for investment in various sectors, including hospitality, tourism, agriculture, estate, park, and industrial business, along the coastal and trans-sahara routes.
Umahi elaborated on the specific needs of the project, particularly addressing the unconstructed, unawarded, or non-concessioned sections of the Coastal and Trans-Sahara Highways.
“The coastal road is 700 km, running from Lagos through several states and ending in Cross River,” he explained, detailing the various phases and sections of the road and mentioning the recent awarding of a construction contract to Hi-tech Construction Limited.
Furthermore, he discussed the potential funding mechanisms and the involvement of key stakeholders, including Hi-tech Construction Nigeria Limited and the Ministry of Finance.
Salawou, representing the AFDB, acknowledged the bank’s commitment to contributing to the sustainable economic development and social progress of its member countries.
He assured the Nigerian government of the bank’s readiness to assist, emphasizing the importance of having comprehensive studies to support the structuring of the projects.
“We are ready, we can see where we can find the resources to support you in structuring the different projects,” Salawou stated.
