A Lagos-based public affairs analyst, Owaikhena Osikhekha, has commended the recent agreement on the Engineering Procurement Construction and Financing (EPC+F) for the Lagos-Calabar Coastal Highway between the federal government and Hitech Construction Company Nigeria Limited.
While describing it as laudable, Osikhekha said the foreign financing of the project would attract the much-needed foreign exchange into Nigeria and boost the nation’s economy.
The public affairs analyst said this Sunday in an e-singed statement made available to Blueprint in Abuja.
He said the innovative way of financing the legacy projects would further expand the economy and create further employment opportunities for the teeming youth.
The statement said: “The Federal Government and Hitech Construction Company Nigeria Limited recently signed an Engineering Procurement Construction and Financing (EPC+F) agreement for the Lagos-Calabar Coastal Highway.
“The Permanent Secretary in the Ministry of Works, Olufunsho Adebiyi, signed on behalf of the government while the Managing Director of Hitech, Dany Abboud, signed for his company at the Ministry’s Head office in Abuja.
“The pact will enable the construction firm to source seventy per cent of the funds required to complete the superhighway, which will be tolled upon completion.
“It will, through tolling, recoup its investment on the seven hundred and fifty kilometre road, which runs from Victoria Island in Lagos to Calabar, the Cross River State capital.”
“The government is providing thirty percent of the total cost of the bold and gigantic project.
“The Minister of Works, Senator David Umahi said at the contract signing ceremony that the move aligned with President Bola Tinubu government’s roadmap for sustainable funding of key legacy projects aimed at driving economic growth.
“Umahi recently assured that the flag-off of work on sections Three A and B of the highway will be done soon.
“The first section of Phase One of the project, covering thirty kilometres, is billed for completion before May twenty nine, 2025
“The Minister was full of praise for the high quality job and the speed the project is being delivered by Hitech Construction Company.
“He expressed happiness that the project was nearing fruition under the Renewed Hope administration of President Bola Ahmed Tinubu.
“He stressed that with the contractor’s capacity and the President’s strong political will, the highway would be completed before the end of President Tinubu’s second term.
“With the signing of this contract, the contractor is now free to attract foreign investment into the project,” he said.
“As the Works Minister rightly observed, the foreign financing component has the capacity to fast-track the performance of this laudable project.
“The foreign financing will attract the much needed foreign exchange into Nigeria which is good for the nation’s economy.
“The Federal Government and Hitech Construction Nigeria Company Limited should be commended for this innovative way of financing legacy projects aimed at expanding Nigeria’s economy,” Osikhekha further added.