The Federal Government has signed the EPC+F contract component of the Lagos-Calabar Coastal Highway Project with Messrs. Hitech Construction Company Nig. Ltd which will facilitate foreign financing of the construction.
This is as the Minister of Works, Engr. Dave Umahi disclosed that that the 750km Lagos – Calabar Coastal Highway project would be fully completed before the end of 2027.
The Minister while speaking expressed hope at the possibility of President Tinubu to be reelected in 2027 for the second term to ensure the completion of the project during that period.
This was in a contained in a statement issued by Hon. Barr. Orji Uchenna Orji, the Minister’s Special Adviser on Media on Tuesday.
Addressing the importance of the agreement, he said: “Now the beauty of it is that the F component of EPC + F is what is being fulfilled today. So, by signing this EPC + F contract, it is paving the way for the contractor through the Federal Ministry of Finance to bring in foreign investment into this project.
“The federal government commitment is 30% counterpart funding, which the President is fulfilling. He further said, “And now there is a foreign component of the project, that is, foreign financing that will come in, it’s going to fast track the performance of this project, and I’m happy with the performance of Hitech, with the quality of work they are doing and the speed of work.
“If not for settlement of a very high fee, we would have been able to commission the entire first section within one year of the project, even though it is for 36 months.”
The Minister expressed that the initiative of the legacy project was the dream of Mr. President years back and for coming to fruition under the Renewed Hope administration.
He assured that with the capacity of the contractor and the manifest political will of Mr. President, the 750km Lagos – Calabar Coastal Highway project would be fully achieved by the power of God before the end of the 2nd tenure of Mr. President.
He said, “We are very grateful to God Almighty for this project that Mr. President initiated. A dream of about 27 years back is made flesh before us, and we are fortunate to be part of this wonderful, evolving, mega project, biggest ever known in Africa- the Lagos-Calabar Superhighway. So today, we have signed the EPC+F contract, which is Engineering, Procurement, Construction plus Finance.”
Speaking on the importance of the agreement, he maintained that, “Now the beauty of it is that the F component of EPC + F is what is being fulfilled today. So, by signing this EPC + F contract, it is paving the way for the contractor through the Federal Ministry of Finance to bring in foreign investment into this project. The federal government commitment is 30% counterpart funding, which the President is fulfilling.
“And now there is a foreign component of the project, that is, foreign financing that will come in, it’s going to fast track the performance of this project, and I’m happy with the performance of Hitech, with the quality of work they are doing and the speed of work. If not for settlement of a very high fee, we would have been able to commission the entire first section within one year of the project, even though it is for 36 months.”
While praising the tenacity of Mr. President, in realising this lofty dream, he said, “It is a very wonderful thing to witness this and to be part of it. And we will continue to pray for Mr. President, we will continue to support him, and we must continue to say that given the two tenures of Mr. President, Nigerians are assured that the entire 750 kilometers will be fully achieved before Mr. President leaves office at the end of his two tenors. And God, who started this, is going to get it completed.
While handing over the signed agreement to the Honourable Minister of Works, the Permanent Secretary who signed the agreement on behalf of the Federal Ministry of Works emphasised that the agreement was signed in accordance with the law.
