AEC Unity Network Limited, the concessionaire for the 470-kilometre Abuja-Lagos Super Highway project, has sought approval from the Federal Executive Council (FEC) for the project’s takeoff and flagging off by President Bola Tinubu.
The project, estimated to cost $4-5 million and spanning four years, aims to provide the nearest and best road link between the Federal Capital, Abuja, and the Economic Capital, Lagos.
Speaking in Lagos on Tuesday, Chairman of AEC Unity Network Limited, Kenny Martins, stated that the company has concluded the preliminary aspects of the project designs, studies, and approvals and is ready to commence construction.
Martins noted that the project was originally expected to be funded with a sovereign guarantee from the Federal Government, but due to the country’s significant foreign debt exposure, a mutual consensus was reached to carry out the project without a sovereign guarantee.
He stated that, instead, a hybrid of guarantees was adopted to ensure the confidence of financiers.
Martins noted that the superhighway will enable easier and more affordable road travel between the two cities, opening up villages along the route and offering a convenient alternative for travellers to states along the route, including Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, Kogi, Niger, and Abuja.
He hinted that the company plans to construct a spur to link the Baro Port in Niger State, increasing its viability, and is already in talks with the Niger State government to facilitate this development.
Martins stated that the project will also benefit passengers and commuters heading towards Ondo State, subject to subsequent approvals by the supervising authorities.
He said: “We have concluded the preliminary aspects of the project designs, studies and approvals, and we are today fully prepared to go to the site and commence construction as soon as we receive the Federal Executive Council Approval for the project take off, and the flagging off of the project by the President and Commander- in- Chief.
“We have brought our Financiers, Advisors, and Consultants to this event to demonstrate to everyone our readiness, ability and capability as well as our willingness to execute the project and provide for our country the nearest and best link by road between the Federal Capital, Abuja and the Economic Capital, Lagos.
“The Superhighway will also facilitate easier and cheaper means of commuting by road between the two great cities to the glory of God and the benefit of our countrymen and women.
“The superhighway wil be strategic in several ways, because it wil not only open up the villages through which the super highway will pass, it will also provide a much more convenient alternative for those who are only travelling to any of the states through which the superhighway passes, which include, Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, kogi, Niger and Abuja.”
Martins expressed pride in the company’s financiers, advisors, and consultants who have worked together to achieve this milestone.
He noted that with FEC approval, the project is set to commence, and the company is ready to deliver a world-class infrastructure that will benefit the country for generations to come.
