The Minister of Works and Housing, Babatunde Fashola, said on Wednesday the Federal Government had concluded plans to concession 10 major highways in the country.
Fashola, who disclosed this while presenting details of the project to the National Assembly Joint Committee on Works, said the highways were the Benin – Asaba, Abuja – Lokoja, Kaduna – Kano, Onitsha – Owerri – Aba, Sagamu -Benin, Abuja -Keffi – Akwanga, Kano – Maiduguri, Lokoja – Benin, Enugu-Port Harcourt and Ilorin-Jebba.
The minister told the lawmakers that the project titled: “Highway Development and Management Initiative,” was anchored on a private sector engagement.
He said the investors would carry out the development and management of the road networks.
According to him, the rationale behind the private sector engagement is that it would provide an avenue to mitigate paucity of funds which had hindered roads development in the past.
Fashola said the first phase of the project would attract capital investment of N163.323billion at a cost of about N16billion per each of the 10 roads.
He also said about 23,322 jobs would be created in the first phase.
The minister disclosed the investors are expected to provide streetlights, toll plazas, rest areas, and weighbridge stations.
- Nigerian banks better prepared for expansion –Moody’s - November 26, 2020
- Court orders arrest of Naval Commander for misconduct - November 26, 2020
- Man tells panel how SARS operatives killed his three-day-old daughter - November 26, 2020