- Safiu Kehinde
The Minister of Works, Dave Umahi, has revealed bids by four companies to invest in the Lagos-Calabar Coastal Highway by paying off 100 percent cost of constructing the section one of the legacy project while tolling the section for their return of investment.
Umahi made the disclosure during an end-of-the-year press briefing on Wednesday.
The Minister said that the coastal highway project transcended mere construction of road and bridge.
He held that the project is an investment with high ROI which have attracted foreign investors willing to invest on the project.
“There is return of investment, and it is very high. There are people that have been quoting, about four different companies, that they want to pay 100 percent of what we spent on coastal highway section 1 and then take it over and toll.
“That process is on. So, the legacy project is an investment. It’s not just a road and bridges construction. It is an investment linking all the ongoing projects of Mr. President.” Umahi said.
Responding to critics of the project, the Minister disclosed that the Lagos-Calabar coastal hghway is largely sponsored by foreign investors with the Federal Government only sponsoring 30 percent of the cost of construction.
“That project has been awarded and is ongoing. Some people that are saying ‘why are you doing this legacy project?’ Let me tell you something, a nation is in crisis.
“You have to do everything to bring external force into the system. And that is the wisdom of what the President is doing with this legacy project.
“We are putting just 30 percent. Then there is international funding of 70 percent.” He added.