Nigeria: FEC Approves $1.5m AfDB Loan for Lagos - Abidjan Road

(file photo).
25 October 2018

The Federal Executive Council (FEC) yesterday approved $1.5 million loan from the African Development Bank (AfDB) for the Lagos-Abidjan road project.

The approval was granted at the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Finance Minister, Zainab Ahmed, who disclosed this while briefing State House reporters at the end of the FEC meeting, said the whole project would cost $13.5m.

She said the project, which she described as a multinational highway project, involves Nigeria, Benin Republic, Côte d'Ivoire, Ghana and Togo.

"The AfDB has approved $13.5m for the whole project. The money has been distributed to the participating countries. The council has accepted the facility for the project to commence," she said.

Similarly, the Minister of Works, Power and Housing, Babatunde Raji Fashola, said the council has also approved N63.023bn for the Lagos-Badagry-Seme border road.

He said the contract involves the rehabilitation and reconstruction of some sections of the 46km road.

Fashola also disclosed that the council approved contract for the construction of Gwarzo-Karaye road in Kano State at the cost of N1.029bn.

He said a note was presented to the council on the progress of the Lagos to Algiers road.

"Actually, the Nigerian section is Lagos to Katsina ," Fashola added.

The minister also said the FEC has terminated contract for the construction of 10MW wind energy project in Katsina State awarded to a French company.

"We sought the approval of the council to allow us terminate and reaward the contract for the 10mw Katsina wind energy project. We have 37 turbines there; we have completed 15 and 22 are in different stages of completion.

"The 15 we have completed are generating about four megawatts of energy already. The main contractor, the French company, is not giving us the kind of cooperation that we want. We have found out that the local contractor they engaged is the one doing the job. So, we decided to terminate the contract and use the balance to pay the local contractor who has done 15 to install the remaining 22.

"The council has approved N121m out of the existing contract. The completion period is five months," he added.

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