Leadership (Abuja)
Justus Nduwugwe
19 June 2008
Lagos — African Development Bank (AfDB) Group on Wednesday in Tunis approved a senior loan of up to US$ 85 million to help finance the upgrade/rehabilitation of Lekki to Epe expressway, linking Victoria Island with the Lekki peninsula in Lagos, Nigeria's economic capital.
A statement issued yesterday from the bank's Tunis headquarters stated that the project consists of upgrading, widening and tolling of the existing 49.5km long Lekki-Epe expressway, which is the principal road artery linking Victoria Island in Lagos with the Lekki peninsula.
According to the statement, the objective is to alleviate traffic congestion and improve road safety along the Lekki corridor. It is based on Public-Private Partnership (PPP) under the Design, Build, Operate (DBOT), and Transfer and Rehabilitate, Operate (ROT) framework/business model.
The first phase of the project will involve the upgrade/rehabilitation of the existing 49.5km long expressway, the construction of a new ramp to carry traffic onto the Falomo bridge, construction of new interchanges, footbridges, walkways and bus stops along the expressway, construction of 6 kilometers of the new 20-km long coastal road (which will serve as an alternative road up to toll plaza 1), and build 10 interconnecting link roads between the expressway and the coastal road respectively. The company will also construct three toll plazas along the expressway and will be responsible for the operation and maintenance of the toll road during the concession period.
The phase-two will consist of building the remaining 14 km of the coastal road, and is contingent on the Lagos State government's completion of the civil works on the new coastal defenses (to check erosion) that will require additional financial resources.
The project sponsors, Asset and Resource Management Ltd, a reputable local firm, is partnering with Larue Projects Ltd.
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