Highway Development Management Initiative: FG targets ₦1.1trn investment

Published by

4 years ago

Fashola

The Federal Government (FG), on Tuesday, said it projects an initial capital investment of N1,134,690,048,000 on the Highway Development Management Initiative (HDMI).

The initiative is an indigenous land value capture scheme conceived by the ministry of works and housing to develop Nigeria’s network of federal highway corridors and boost economic development along the right of way.

Minister of Works and Housing, Babatunde Fashola, made the disclosure while giving the Ministerial notice to commence the HDMI procurement process.

He said the initiative will provide an estimated 50,000, direct jobs and 200,000 indirect jobs.

According to him, the HDMI seeks to mobilise private capacity, resources, and entrepreneurship into the Nigerian highway sector; “and hopefully convert roads from just social assets into assets of commercial opportunities and enterprise.”

He explained that the initiative is categorized into the Value-added Concessions (VAC) and the Unbundled Assets Approvals (UAA).

“The UAA provides an opportunity for small businesses to take advantage of the commercial opportunities that are available along the ROW while under the VAC the road pavement and entire right of way are concessioned for development and management by the concessionaire,” he said.

Fashola further disclosed that the VAC will be rolled out in phases, while the first phase will cover 12 roads.

These are: “Benin–Asaba (125KM), Abuja–Lokoja (193KM), Kano-Katsina(150KM), Onitsha – Owerri-Aba (161KM), Shagamu –Benin(258KM); Abuja –Keffi– Akwanga (122KM); Kano – Maiduguri (lot 1 Kano-Shuari 100KM ; lot 2 Potiskum-Damaturu 96.24KM )

Others are; Lokoja –Benin (270KM); Enugu -Portharcourt(200KM); Ilorin –Jebba (129KM); Lagos- Ota– Abeokua (80KM) and Lagos-Badagry (79KM).

He added that not only has the 12 roads’ right of way been fully gazetted, the Infrastructure Concession Regulatory Commission (ICRC), as a regulatory body for concessions of this nature, has also issued the Certificate of Compliance for the Outline Business Case that is necessary to commence the process.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Nigeria Recorded 1,114 COVID-19 Infections Last Week, Lowest In Four Months

In the past two weeks, Nigeria recorded 3,414 new COVID-19 infections, which is the lowest the country has recorded since the beginning of the second wave of the pandemic in December.

In the penultimate week, (March 7 – 13), there were 2,300 cases, a reduction when compared to the 2,817 recorded in the previous week’s (February 28 – March 6)…