AEC Unity Network Limited is set to commence construction of the 470km Abuja-Lagos Superhighway before the end of this year, once the project is approved by the Federal Executive Council (FEC).
Speaking at a press conference held at the Oriental Hotel in Lagos, Kenny Martins, chairman of AEC Unity Network Limited, stated that the project is estimated to cost between $4 billion and $5 billion and is expected to be delivered within four years, noting that once completed, the road will allow commuters travel from Lagos to Abuja in four hours.
Martins said the timeline for the groundbreaking ceremony was realistic and would not drag into the new year.
“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,” he said.
He also disclosed that the company had secured assurances from key government officials, including Dave Umahi, minister of works, as well as the Director-General of the Infrastructure Concession Regulatory Commission.
“We have the commitment of the Honourable Minister of Works. We also have the words of the DG of the ICRC on this. Nigeria should be expecting the cutting of the tape for the flag-off of this road project in a very, very short while,” Martins added, while emphasising that the highway will not only shorten travel time but also incorporate modern safety and security features.
He added that when completed, the superhighway is expected to ease pressure on existing road networks, open up communities along its corridor, and serve as the fastest road link between Nigeria’s political and economic capitals.
The AEC chairman stated that the superhighway will feature solar-powered street lighting, modern security infrastructure, and service terminals, making it one of the most advanced road projects ever undertaken in the country.
“There will be security provisions, solar lights, and terminals along the route to ensure safety and comfort for commuters,” he explained.
Martins, who led a roll call of financiers, advisors, contractors, and consultants at the event, stressed that AEC Unity Network had concluded all preliminary designs, studies, and approvals.
“One of the reasons we are confident and happy to announce ourselves after six years of preparation is that we know that we are ready and good to go. Nigeria should be expecting the cutting of the tape for the flag-off of this project in a very, very short while. Hopefully, prayerfully, God willing, that will happen before the end of the year”, he stated.
He said the superhighway will connect Abuja, the Federal Capital, with Lagos, the economic hub, while opening up communities in Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, Kogi, Niger, and the FCT.
“A spur is also being discussed with the Niger State Government to link the road to Baro Port, enhancing trade and logistics.
“The superhighway will facilitate easier and cheaper means of commuting by road between the two great cities. It will also provide a convenient alternative for those travelling to any of the states along the corridor,” Martins explained.
He further stated that the project was originally conceived under the administration of former President Muhammadu Buhari and was expected to rely on a sovereign guarantee from the federal government. However, Martins explained that due to Nigeria’s heavy debt exposure, a different approach was adopted.
“We opted to execute the project without the usual sovereign guarantee but with a hybrid of guarantees that give our financiers confidence. This way, the project will not add to Nigeria’s debt burden,” he said.
Key stakeholders in the project include UBA PLC, Project Bank; Associated Engineering Consultants, project engineers; China Harbour Engineering Company, contracted to finance and construct about 100 km; United Capital PLC, mandated lead arranger for financing; Futureview Financial Services Ltd, lead financial advisor and co-fund arranger; Olaniwun Ajayi LP and G. Elias, project solicitors and legal advisors; and First Global Commerce Solution Ltd, Nigerian representatives of Yapi Merkezi (Dubai) and other global backers.
The AEC Unity Network Chairman also paid tribute to the late former President Muhammadu Buhari, who first endorsed the superhighway project during his administration.
“We must honour one of the Nigerian patriots who shared this enthusiasm with us, but is no longer with us today, President Muhammadu Buhari. He received this project with open hands and great enthusiasm,” Martins concluded.
