The federal government through the ministry of works has signed the Engineering, Procurement, Construction plus Finance (EPC+F) contract component of the Lagos-Calabar Coastal Highway Project with Messrs. Hitech Construction Company Nig. Ltd. This agreement according to the ministry is aimed to attract foreign funding for the project.
David Umahi, minister of works in a statement issued to journalists on Tuesday said that the agreement is in accordance with the Renewed Hope administration’s roadmap to securing sustainable funding of the 750km projects.
He explained that by signing this EPC + F contract, it is paving the way for the contractor through the Federal Ministry of Finance to bring in foreign investment into this project. He added that the federal government commitment is 30 percent counterpart funding, which the President is fulfilling
Umahi expressed optimism that with the capacity of the contractor and the political will of President Tinubu, the 750km Lagos – Calabar Coastal Highway project would be fully achieved before the end of the 2nd tenure of the Tinubu-led administration.
He said, “We are very grateful to God Almighty for this project that Mr. President initiated. A dream of about 27 years back is made flesh before us, and we are fortunate to be part of this wonderful, evolving, mega project, biggest ever known in Africa- the Lagos-Calabar Superhighway. So today, we have signed the EPC+F contract, which is Engineering, Procurement, Construction plus Finance.
“And now there is a foreign component of the project, that is, foreign financing that will come in, it’s going to fast track the performance of this project, and I’m happy with the performance of Hitech, with the quality of work they are doing and the speed of work. If not for settlement of a very high fee, we would have been able to commission the entire first section within one year of the project, even though it is for 36 months.”
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