Financing: Works Ministry signs EPC+F Contract Component Of The Lagos – Calabar Coastal Highway
- Says Flag-Off Of The Construction Of Sections 3A & 3B Lagos- Calabar Coastal Highway Imminent
In accordance with the Renewed Hope administration’s roadmap to securing sustainable funding of the laudable and ambitious Legacy Projects that will stimulate economic growth, the Federal Ministry of Works has signed the EPC+F contract component of the Lagos-Calabar Coastal Highway Project with Messrs. Hitech Construction Company Nig. Ltd.
A statement signed by Hon. Barr. Orji Uchenna Orji, Special Adviser (Media) to the Honourable Minister of Works, noted that the signing ceremony had in attendance the Permanent Secretary of the Federal Ministry of Works, Engr. O. O. Adebiyi, the Director of Legal Services, Barr. Clement Assam, the Ag. Director Road Design, Engr. Musa Saidu,, the Managing Director of Hitech Construction Ltd, Dany Abboud and his team.
The Honourable Minister expressed deep gratitude to God Almighty for the initiative of the legacy project which was the dream of the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu GCFR years back and for coming to fruition under the Renewed Hope administration.
He assured that with the capacity of the contractor and the manifest political will of Mr. President, the 750km Lagos – Calabar Coastal Highway project would be fully achieved by the power of God before the end of the 2nd tenure of Mr. President.
He said “We’re very grateful to God Almighty for this project that Mr. President initiated. A dream of about 27 years back is made flesh before us, and we are fortunate to be part of this wonderful, evolving, mega project, biggest ever known in Africa- the Lagos-Calabar Superhighway. So today, we have signed the EPC+F contract, which is Engineering, Procurement, Construction plus Finance.”
Speaking on the importance of the agreement, he said: “Now the beauty of it is that the F component of EPC + F is what is being fulfilled today. So, 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 federal government commitment is 30% counterpart funding, which the President is fulfilling.”
He further said, “And now there is a foreign component of the project, that is, foreign financing that will come in, it’s going to fast track the performance of this project, and I’m happy with the performance of Hitech, with the quality of work they are doing and the speed of work. If not for settlement of a very high fee, we would have been able to commission the entire first section within one year of the project, even though it is for 36 months.”
Praising the tenacity of Mr. President, in realizing this lofty dream, he said: “It is a very wonderful thing to witness this and to be part of it. And we will continue to pray for Mr. President, we will continue to support him, and we must continue to say that given the two tenures of Mr. President, Nigerians are assured that the entire 750 kilometers will be fully achieved before Mr. President leaves office at the end of his two tenors. And God, who started this, is going to get it completed.”
While handing over the signed agreement to the Honourable Minister of Works, the Permanent Secretary who signed the agreement on behalf of the Federal Ministry of Works said that the agreement was signed in accordance with the law.
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