By Ikugbadi Oluwasegun
The Federal Government through the Ministry of Works has signed the Engineering, Procurement, Construction, and Finance contract for the Lagos-Calabar Coastal Highway Project with Messrs. Hitech Construction Company Nig. Ltd.
This contract allows the contractor, in collaboration with the Federal Ministry of Finance, to secure foreign investment for the project.
The agreement is in accordance with the Renewed Hope administration’s roadmap to securing sustainable funding for the laudable and ambitious Legacy Projects that will stimulate economic growth.
During the signing ceremony, Dave Umahi, Minister of Works said the project had been the vision of President Bola Tinubu years ago and has now come to fruition under the Renewed Hope administration.
He assured that, with the contractor’s capabilities and the clear political will of Mr President, the 750km Lagos-Calabar Coastal Highway project would be completed by the grace of God before the end of Mr. President’s second term.
Speaking on the importance of the agreement, he said, the beauty of it was that the F component of EPC + F is what is being fulfilled today, saying by signing this EPC+ F contract, it is paving the way for the contractor through the Federal Ministry of Finance to bring in foreign investment into this project.
The Minister said the Federal Government commitment is 30 per cent counterpart funding, which the President is fulfilling.
Recall that the government initiated the construction of the Lagos-Calabar Coastal Highway in March 2024, with the first phase covering 47.7km in Lagos, beginning at Ahmadu Bello Way. This phase is expected to be completed by May 2025.
Umahi said a kilometre of the road would be constructed at a total cost of N4bn.
