The Nigerian Federal Government has entered into an Engineering, Procurement, Construction, and Financing (EPC+F) agreement with Hitech Construction Company to fund and develop the Lagos-Calabar Coastal Highway.
The Permanent Secretary of the Ministry of Works, Olufunsho Adebiyi, officially signed on behalf of the government, while Hitech’s Managing Director, Dany Abboud, represented his company at the signing event held at the Ministry’s headquarters in Abuja.
Key Highlights of the EPC+F Pact
The agreement permits Hitech to secure 70% of the necessary funding for the 750-kilometer highway project. This extensive infrastructure will be a tolled expressway, allowing the company to recover its investment over time. Meanwhile, the Nigerian government will contribute the remaining 30% of the project’s cost, reinforcing its commitment to national infrastructure development.
Boosting Infrastructure Development Under the Tinubu Administration
During the signing ceremony, Minister of Works, Senator David Umahi, emphasized that the agreement aligns with President Bola Ahmed Tinubu’s strategic vision for sustainable funding of key infrastructure projects. The administration aims to facilitate economic expansion through critical road networks.
Umahi assured that construction on sections Three A and B of the highway would commence soon. The first segment of Phase One, covering 30 kilometers, is scheduled for completion before May 29, 2025.
The Minister also commended Hitech Construction for its rapid pace and high-quality execution of the project, expressing optimism that the highway would be fully completed within President Tinubu’s second term.
Economic and Regional Impact of the Coastal Highway
The Lagos-Calabar Coastal Highway is expected to enhance interconnectivity between major economic hubs, easing transportation logistics and stimulating trade along the Nigerian coastline. This project underscores the government’s commitment to modernizing the country’s road infrastructure.
For further insights on Nigeria’s infrastructure development strategies, visit World Bank’s Infrastructure Projects.
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