Infrastructure Bank restates commitment to completion of Lagos-Ibadan express road
The Infrastructure Bank (TIB) has reassured motorists using the Lagos-Ibadan express road of speedy completion of the N167 billion road project.
This was disclosed in a statement made available to the News Agency of Nigeria (NAN) in Lagos on Friday.
The statement quoted the bank’s Managing Director, Mr Kunle Oyinloye, as assuring motorists not to be despaired by the current lull in completing the road project.
He said that construction work, which had reached 30 per cent completion stage, would resume as soon as the legal issues surrounding the project were resolved.
Oyinloye said that additional financial commitments had been secured from the project financiers from whom the initial N50 billion was raised for the project.
He said that all stakeholders on the project, including the Federal Ministry of Works, the Infrastructure Concession Regulatory Commission (ICRC) and the contractors – Julius Berger PLC and RCC – were determined to ensure its completion by the July 2017 scheduled date.
Oyinloye commended the perception of Mr Babatunde Fashola, the Minister of Power, Works and Housing, , on the state of infrastructure in Nigeria and the concept of Public- Private Partnership in rescuing them from decay.
He said that the bank had a clear mission of transforming Nigeria’s infrastructure for enhanced national productivity by interfacing between the market for the public sector lending and private sector infrastructure project financing.
Oyinloye said that the bank was working on the design of a new 280-kilometre ‘’green-field dual carriage way’’ that would link Abuja with Ibadan through Kwara State.
He said that the bank had secured the Federal Ministry of Work’s ‘’no objection’’ to develop the planned ‘’green-field’’ dual carriage way which, he said, would reduce travelling time from the current 10 hours to five hours.
Oyinloye said that the road project would generate thousands of job opportunities and unlock the economic potentials along the corridor.
It said that TIB was driving development projects in the nation’s six geo-political zones, citing the Yola Cattle International Market which it fully financed and the loan fully repaid by the Yola Local Government.
According to the statement, the bank has also provided the ‘’catalyst loan’’ for the development of a 20,000 mass housing units for federal para-military forces and was actively involved in the one-billion US-Dollar renewable energy project in the 19 Northern states and the two-billion US-Dollar 37-kilometre Alagbado – Marina Lagos red-line rail project.
It noted with satisfaction the management of the Federal Government’s N25 billion mass transit revolving loan scheme by the bank.
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5 Comments
When I heard that the former Governor of Lagos State has the Nation’s Infrastructure in his portfolio, I rejoiced and suggested he visits the South East first to have a clear view of the magnitude of our road-network decay. The approach to restoring and growing from that debacle in this aspect should not be done piecemeal. There should be an all-encompassing policy direction to have an efficient Transportation system that will service the Nations internal Commercial outreach. The projects must start somewhere but where is the blue-print for Nigeria’s National Transportation Systems and logistics. It is not criticisms yet but don’t take us back to the old Federal ways of developing the Nation when Lagos, the old Capital was the epicenter of every thing to be built. Spread this watershed this period to the nook and corners of the Country. National economic development will carve your name in gold unfailingly for it will be the jolly benefactor of that act. Concentration is a depravity in a Country as large and spacious as ours. And I hope maintaining these structures has a strategic space in your plans. I grieve to think we are not looking forward with a master-plan for our infrastructure restoration, maintenance schemes and desired projections.
Lagos state is the worst City on earth of commercial status. If the Ex-Governor of Lagos were roads are being hand made by BRICKLAYERS, is now responsible for anything is a disaster. HAUSA, YORUBA and IGBO. Enough is enough.
IBADAN-LAGOS, OSHODI,MILE2, and the Bypass were all under construction when I travelled to the UNITED STATES In 1978. For Thirty Eight 38 years these roads are still being used for budget allocation and never finished or done properly.
The OSHODI–IKOTU–ISOLO Village road. I was crying when I pass through this road and see the smell of refuse at the OSHODI Village side.
Both the bank and the politicians are fraudsters and looters . For almost 4 decades those roads could not be completed Nigeria is simply a big JOKE ! ! ! ! !
Nigerian politicians are self centered . They want to know what is in it for them before they can do anything for the good of the people or else nothing will be done. They must build their own loot in all the PROJECTS ! ! ! !
We will review and take appropriate action.