Connect with us

Hi, what are you looking for?

Business News

We Lost N25 Billion to Poor Lagos Roads – Dangote

Aliko Dangote, billionaire and chief executive officer of Dangote Group, gestures as he speaks during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 17, 2017. World leaders, influential executives, bankers and policy makers attend the 47th annual meeting of the World Economic Forum in Davos from Jan. 17 - 20. Photographer: Jason Alden/Bloomberg

Motorists will have to endure additional 12 months of  nerve-racking traffic on the 35-kilometre Apapa-Oshodi-Oworonsoki-Ojota highway  in Lagos for its  reconstruction to be completed.

Minister of Works and Housing Babatunde Fashola, who inspected work on the road in company with President of the Dangote Group, Aliko Dangote, said on Sunday that the road would be delivered end of next year.

“We expect that by end of 2020,  the entire road network will be finished; you will have a road that will last for 40 years,’’ he assured.

The ongoing reconstruction is the first since the road was  completed in 1978. The first attempt to rehabilitate the ever-busy road at a cost of N15bn was in 2013. But, work  stopped immediately after the general elections in 2015 until 2017 when Dangote Group came up with a proposal to repair the road.

The proposal was for the concreting of the expressway from Creek Road  to Liverpool and through Marine Beach to Oshodi, Oworonsoki and toll gate on the Lagos-Ibadan Expressway.

Dangote got Federal Government’s nod to reconstruct the road in 2018 at N72.9 billion and to enjoy 10 years tax rebate.

Since work commenced in 2018,  there has been traffic lockdown in the Iganmu area of Lagos and the Mile 2 –Oshodi –Oworonsoki axis of the road.

Efforts by the Lagos State Government and other agencies to tackle the problem have not yielded lasting solution.

During the inspection, Fashola said the Federal Government was committed to “speedy completion of the highway to provide a lasting solution to the problems of bad roads and gridlock ’’ faced by motorists, passengers, businesses  and residents of the areas affected.

The News Agency of Nigeria also quoted him as saying that   the  reconstruction was creating thousands of direct and indirect jobs and at the same time, advancing commerce because of the local content going into the work.

The minister, who was   Lagos State governor between 2007 to 2015,  explained that the project was creating wealth with thousands of trucks conveying iron rods, cement and other locally-sourced raw materials to sites where some 650 people were directly employed on various projects.

He said: “Businesses have started coming back on Liverpool Road because the road closed earlier is now back. You will see more of that.  All of the businesses that are shut on Creek Road will come back. We expect to see property redevelopment and property renewal once the road is completed.

“Once the economy of Apapa returns, all the clearing and forwarding, shipping, newspaper companies and all others doing business will resume fully and the economy will bounce back.’’

He lauded the private/public partnership scheme with Dangote and  pointed out that section two of the project, which was not part of the original contract was already showing signs of failure, due to heavy traffic.

“We are at the Oshodi area now and one side has been concluded and opened to traffic and this is how we intend to continue to complete and open, until we finish the entire road,’’ he  said.

Fashola , however, appealed for understanding of road users as the roads go through the “curing process”, saying that President Muhamadu  Buhari’s mandate was to build long-lasting and enduring roads.

Dangote lamented that the congestion at the ports, caused by gridlock had resulted to his group losing about N25 billion in accruable revenue from 2017 to the 2019 financial year.

He praised the quality of work taking place on the road, saying that the development was reviving commerce in the Apapa area.

He said: “This road will actually open up the economy. It will bring a lot of jobs and a lot of factories that have moved out will be able to move back.

“What I can also assure you is that this road will be finished before the end of next year.’’

Dangote, who is Africa’s richest man, commended the cooperation of Apapa residents, noting that the development was responsible for the progress of the reconstruction.

_____

Follow us on Twitter at @thesignalng

Copyright 2019 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to www.signalng.com and other relevant source.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Related

News

The Federal Executive Council approved N1.535 trillion for the construction and rehabilitation of eleven roads across the country, under the Nigerian National Petroleum Company...

News

Industrialist and president of Dangote Group, Aliko Dangote, has said his new investment in the sugar sub-sector could create 300,000 jobs in Nigeria. According...

News

The Minister of Works and Housing, Babatunde Fashola, has said infrastructural projects all over the country justify the foreign debts by the present administration,...

Business News

Africa’s richest man, Aliko Dangote, is the only African billionaire listed among the top 100 based on Bloomberg Billionaire Index. The Nigeria-born businessman is...

Copyright ©