The contractors of the proposed 470-kilometre Abuja-Lagos Greenfield superhighway have disclosed that the sum of 5 billion dollars would be earmarked for the construction of the project.

It would be recalled that the Minister of Works, David Umahi, had said the proposed project would be built by a private sector consortium at no cost to the government.

He added that the proposed project would be completed in four years and last for 100 years.

Speaking on behalf of the private consortium under the aegis of AEC Unity Network Limited, the chairman, Dr. Kenny Martins, yesterday highlighted the progress of the project, saying the preliminary aspects of the project designs, studies, and approvals had been completed.

He unveiled the financiers, legal team, consultants, and advisors of the project, expressing their readiness to embark on the infrastructure project.

Martins explained that the project had gotten the necessary approval including that of the Infrastructure Concession Regulatory Commission (ICRC) while the environmental impact assessment (EIA) has been conducted.

“We are renowned and we dream dreams. We are here to build infrastructure that will open up the country in a way that has not happened. Nigeria is the biggest economy and nation in this part of the world. What we have on this team are the biggest, most renowned drivers of the economy,” he said.

He stressed that the project, when completed, would provide ease of commuting, saying it was designed to reduce the travel time from Lagos to Abuja to four hours.

“The superhighway will be strategic in several ways, because it will not only open up the villages through which the superhighway will pass, but 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,” he said.

He added that plans are underway to link the construction to Baro Port in Niger State in a bid to increase its viability.

The Director, Global Finance of First Global Commerce Solutions, Jaycob Attah, emphasised the need for funds to address the infrastructural gap.

“We know that the infrastructure financing gap has been one of the major challenges on the macro level within the states as well as the well-being of the people.

“We are super excited about this project. It is not only that it is audacious; it just speaks to every component of the gap why economic growth delivery in the country has been derailed over the last couple of decades,” he said.

Gbadebo Adenrele, Managing Director, Investment Banking, United Capital, disclosed that potential financiers are lined up to release funds for the construction of the project.

“Our work is to access finance to fund the project, and we do that by coordinating all the parties and project sponsors. We believe that the project has what it takes to attract the funding that it requires, with good legal, technical partners and a financial consortium globally, regionally, and domestically.

Engr. Ibrahim Mustapha, AEC Network, noted that the next phase of approvals to begin the project would come from the ICRC and the Ministry of Justice before the Federal Executive Council (FEC) gives the final approval. (Daily trust)