The Federal Government has taken steps to remove bureaucratic hurdles that had stalled private sector investment in key road projects for over a year.
The move is part of measures aimed at unlocking significant infrastructure development under a Public-Private Partnership (PPP) framework.
Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this in an interview.
Edun reaffirmed President Bola Tinubu’s commitment to addressing Nigeria’s $100 billion annual infrastructure deficit by mobilizing private capital.
He highlighted recent approvals by the Federal Economic Council, allowing private investors to proceed with the Benin-Asaba Highway and the Lagos-Abeokuta Road both part of the Highway Development and Management Initiative (HDMI), launched under the Buhari administration.
The HDMI initially, he said, attracted strong domestic investor interest but faced bureaucratic delays that slowed execution.
Edun said: “ Now, with the Tinubu administration’s intervention, the projects alongside a broader 5,000-kilometre road concession programme are moving forward. Investors have secured long-term financing, much of it from domestic sources, to construct, toll, and maintain these roads, significantly improving transport efficiency.
“These investors have gathered long-term finance, much of it from Nigeria, in order to build these roads, concession them, and toll them,” Edun said. He noted that travel times will be slashed by 75 per cent , with the Benin-Asaba corridor dropping from four hours to one hour.
The HDMI’s timeline, Edun further said, reflects the challenges and progress in Nigeria’s PPP road infrastructure programme.
He clarified on the timeline for the projects, saying March 2021 – February 2022 was scheduled as a bidding phase with 18 of 75 bidders qualifying.
Edun said June 2022 was for negotiation of concession terms.
In January 2023, the Federal Executive Council (FEC) gave approval for nine road corridors , 1,374 kilometres with an expected N11.54 trillion revenue over a 25-year concession period. May 2023 was for the signing of concession agreements for nine pilot roads with six concessionaires, including Africa Plus Partners Nigeria Limited (APPNL), which won the Benin-Asaba , 125 kilometres and Lagos-Abeokuta , 80 kilometres expressways.
“November 2023 to January 2025: was for a series of renegotiations, addendums, and legal adjustments. The HDMI programme has engaged several concessionaires for specific highway corridors”
He listed them to include : Africa Plus Partners Nigeria Limited (APPNL): Benin-Asaba Expressway , 125 km and Lagos-Abeokuta Expressway 80 km, Avia Infrastructure Services Limited (AISL): Abuja-Lokoja Highway , 195 km .”
He further said : “Enyimba Economic City Consortium: Onitsha-Owerri-Aba Highway , 161.2 km, and Enugu-Port Harcourt Expressway , 200 km,
AFC/Mota-Engil Consortium: Sagamu-Benin Highway , 258 km and Lagos-Badagry-Seme Border Road 79 km. China Harbour Engineering Company Ltd (CHEC): Abuja-Keffi-Akwanga-Lafia-Makurdi Highway , 175.9 km and Dafac Consortium: Kano-Shuari Highway 100 km.
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