Critical Infrastructure
FEC approves concession of Lagos-Ibadan expressway
Apr 15, 2009, 17:40
| | The Federal Executive Council [FEC] has approved the redesign, reconstruction and modernization of the Lagos-Ibadan Expressway under a Public Private Partnership scheme.
The project is the first major concession under the President Umaru Musa Yar’Adua administration.
Information and Communications minister, Professor Dora Akunyili said after the meeting on Wednesday April 15, the project is expected to cost over N89billion under a concession period of 25 years.
The minister said the road project will be one hundred percent funded by the concessionaire. The investors’ cost and the return on investment will be recovered subject to regulatory guidance by the present government and other charges like support services like trailer parks and rest areas.
To ensure that the highway is in good condition throughout the concession period, routine and periodic inspection will be carried out to a minimum level of standards under the supervision of the Federal Ministry of Works, Housing and Urban Development, she said.
This project involves the reconstruction carriageways, construction of additional lanes to the two carriageways and provision of assisted facilities for the security and welfare of the road users.
Professor Akunyili said the Lagos-Ibadan highway project involves provision of services and facilities to improve safety and security of motorists.
Others are vehicular parking areas for heavy-duty vehicles, areas with eateries, conveniences and emergency communication equipments.
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