The Minister of Works, Babatunde Fashola, stated on Wednesday that the Federal Government will concession 10 roads across the country.
He told the National Assembly joint committee on works that the project titled, “Highway Development and Management Initiative,” was anchored on a private sector engagement.
The minister said investors would carry out the development and management of the road networks
He said the rationale behind the private sector engagement was to provide an avenue to mitigate paucity of funds.
Fashola said the first phase of the project would attract a capital investment of N163.32bn at a cost of about N16bn per each of the 10 roads.
He also said about 23,322 jobs would be created in the first phase.
The roads are Benin-Asaba, Abuja-Lokoja, Kaduna-Kano, Onitsha-Owerri-Aba, Shagamu-Benin, Abuja-Keffi-Akwanga, Kano-Maiduguri, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba.
He said the investors are expected to provide streetlights, toll plazas, rest areas, and weighbridge stations.
Meanwhile, the Lagos-Pen Cinema axis in Agege had been closed to accommodate construction work on the Fly-Over Bridge in the area.
The Commissioner for Transportation in Lagos, Dr Frederic Oladeinde, said the closure was effective to allow contractors to launch beams across Iju Road without any interruptions.
He said the bridge would be closed from 11am on Wednesday (June 17) to Thursday, June 25, 2020.