The Nigerian federal government has initiated bilateral discussions with the African Development Bank (AFDB) to explore opportunities for boosting the nation’s economic prospects and improving the transnational investment process. This collaboration is part of President Bola Tinubu’s Renewed Hope administration.

In Abuja, the Minister of Works, Engr. David Umahi, held a round table discussion with a delegation from AFDB, led by Mike Salawou, the Director of Infrastructure and Urban Development. The primary goal of the discussion was to strategise on securing funding for the construction of sections of the Coastal and Trans-Sahara Highways across Nigeria.

According to a statement by Barrister Orji Uchenna Orji, the Special Adviser (Media) to the Minister of Works, the project aims to establish sustainable infrastructure and promote industrialisation along these highway corridors. The planned network of paved highways will facilitate efficient transportation and trade routes, fostering economic growth along the North-South corridors.

Umahi highlighted the investment opportunities available in infrastructure development along the coastal and trans-Sahara routes. These opportunities encompass the hospitality industry, tourism, agricultural production, real estate, parks, and industrial businesses.

The minister emphasized the need for funding to address the sections of the Coastal and Trans-Sahara Highways that have yet to be constructed, awarded, or taken over by concessionaires under the Highway Development and Management Initiative (HDMI).

Umahi stated, “The coastal road is 700 km long, running from Lagos through Ogun State to Ondo State, passing through the coastal states of Delta, Bayelsa, Port Harcourt, Akwa Ibom, and ending in Cross River. We have sections planned, including the African Trans-Sahara road leading to Cameroon. Last week, we awarded section one, phase one, covering 47.47 kilometers. Phase two will extend from the end of phase one, covering approximately 57 kilometers.”

The minister noted that discussions would be held with Hi-tech Construction Nigeria Limited, the lead investor, and the Minister of Finance and Coordinating Minister of Economy to secure funding for the project.

In response, AFDB’s spokesperson, Mike Salawou, expressed the bank’s readiness to assist Nigeria in the project. He emphasized the importance of having relevant studies available to determine how the bank could provide support. Salawou assured the Nigerian delegation that AFDB would explore available resources to help structure the various projects associated with the highways.