Federal Government Woos Foreign Investors for Lagos-Calabar Highway Project
Umahi says the deal with Hitech lets the contractor raise international funding, with government providing 30 per cent counterpart funding.
The Federal Ministry of Works has signed an Engineering, Procurement, and Construction plus Finance (EPC+F) contract with Hitech Construction Company Nig. Ltd to facilitate foreign financing for the Lagos-Calabar Coastal Highway project.
In a statement issued on Tuesday, February 25, Minister of Works, Senator David Umahi, explained that the contract would enable the contractor, through the Federal Ministry of Finance, to secure international funding for the initiative.
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Umahi highlighted the government’s commitment to providing 30% counterpart funding, noting that the inclusion of foreign financing would expedite progress on the project. “This will fast-track the completion of the project,” he said. “I am pleased with Hitech’s performance, especially the speed and quality of their work. Without delays due to financial settlements, we could have completed the first section within a year, although the project timeline is set at 36 months.”
Umahi also expressed gratitude for the initiative, describing it as a long-standing vision of President Bola Ahmed Tinubu. He affirmed that under the Renewed Hope administration, the 750-kilometre highway project would be completed before the end of the President’s second term, citing the contractor’s capacity and strong political will as key drivers.
Engr. Olufunso Adebiyi, the Permanent Secretary of the Ministry of Works, who signed the agreement on behalf of the ministry, confirmed that the contract had been signed in compliance with relevant legal frameworks.
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