FG signs contract to allow foreign financing for Lagos-Calabar highway
The Federal Ministry of Works has signed an Engineering, Procurement, and Construction plus Finance (EPC+F) contract to enable Hitech Construction Company Nig. Ltd, source for foreign funds to work on the Lagos-Calabar Coastal Highway. In a statement yesterday, the Minister of Works, Sen David Umahi said the EPC + F contract would pave the way […]
The Federal Ministry of Works has signed an Engineering, Procurement, and Construction plus Finance (EPC+F) contract to enable Hitech Construction Company Nig. Ltd, source for foreign funds to work on the Lagos-Calabar Coastal Highway.
In a statement yesterday, the Minister of Works, Sen David Umahi said the EPC + F contract would pave the way for the contractor through the Federal Ministry of Finance to bring in foreign investment into the project.
“The federal government commitment is 30 per cent counterpart funding, which the president is fulfilling 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.”
Umahi expressed deep gratitude to God for the initiative of the legacy project, which has been the dream of President Bola Ahmed Tinubu years back and would come to fruition under the Renewed Hope administration.
- NIGERIA DAILY: Nigerian Families Struggle As Multichoice Intends To Hike Subscription Fees Again
- Avoiding policy distortion key to Nigeria’s success
He assured that with the capacity of the contractor and the manifest political will of the 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.
While handing over the signed agreement, the Permanent Secretary of the ministry, Engr. Olufunso Adebiyi, who signed the agreement on behalf of the Federal Ministry of Works said that the agreement was signed in accordance with the law.