The “new enhanced design” of the Lagos-Ibadan express road has been completed, it was learnt on Sunday.
Mr. Hakeem Olopade, a director of Motorways Asset Limited, the project company partnering the Ministry of Works for the delivery of a fully enhanced Lagos-Ibadan Express Road, told newsmen in Lagos that the need for due process, enhancements to earlier design had largely been responsible for the slow pace of work on “the novel PPP-structured road.”
Mr. Olopade, who is also the Executive Director, Projects, at The Infrastructure Bank, TIB, Federal Government’s fund arrangers for the N167 billion road project, said the road remained the most crucial highway in the transport sector and could not be abandoned by the government.
The executive director said that TIB had successfully raised the Tranche I of the financing of the project in line with the expectations of the Federal Government and other stakeholders, while the Tranche II was being arranged.
He added that the stakeholders would maximize efficiency gains in the construction phases of the project to ensure its timely completion.
The executive director disclosed that financial obligations and commitments were being kept to keep the contractors on site, while the stakeholders finalize the new designs and geometric drawings and necessary development studies were also being finalized in good time ahead of full construction work resumption soon.