By: Nwakaji Peace Martins
President Bola Tinubu has articulated that the 700km Lagos-Calabar Coastal Highway will not only generate opportunities and boost economic activities nationwide but also establish a new economic frontier for more than 30 million individuals.
Addressing attendees at the commencement ceremony in Lagos, Tinubu emphasized that the highway signifies more than just a mere thoroughfare.
“It stands as a pivotal piece of infrastructure that will advance national prosperity and provide direct employment opportunities for thousands both during and after its construction. Today, I take pride in our achievements, as we stand here with Renewed Hope. This aspiration is attainable.
“Throughout the construction phase, the highway will offer direct employment to thousands and indirect job opportunities to numerous Nigerians. It will unlock economic prospects for millions, accelerate community development, and grant improved access to production and marketing centers for over 30 million individuals. Furthermore, it will decrease travel time for individuals and businesses.”
Spanning across Lagos, Ogun, Ondo, Delta, Bayelsa, Cross River, and Akwa Ibom, the highway is meticulously designed to enhance connectivity and stimulate economic growth, significantly uplifting Nigeria’s economy.
Tinubu further emphasized that with this monumental project, future generations will have a remarkable legacy to cherish. “We have established a benchmark that will endure beyond our lifetimes. This is how we shape the future.”
The President articulated his vision of constructing a prosperous nation that forthcoming generations can admire and guaranteed all stakeholders present of the project’s punctual completion.
Projected to incur costs exceeding N15 trillion, with financing structured through an EPC+F (Engineering, Procurement, Construction, and Financing) model, the highway is anticipated to yield substantial revenue from tolls, tourism, and other enterprises and economic ventures that it will attract.
Minister of Works, David Umahi, expounded on the project’s procurement process in his remarks, confirming that all requisite procedures were adhered to, including the Environmental and Social Impact Assessment (ESIA) and financial prerequisites. He revealed that the highway’s construction will cost N4 billion per kilometer. “The project is being executed in phases. We have completed a 3km stretch of the initial segment, and the second section, which extends to the border between Ogun and Ondo, has been awarded.”
Umahi underscored that the highway will bring about a transformative effect on the agricultural and tourism sectors in Cross River State and other adjacent areas.
The President also inaugurated several other initiatives, such as the reconstructed Apapa-Oworonshoki-Ojota-Oshodi Expressway and the rehabilitated Third Mainland Bridge, to commemorate his first year in office.
