The Federal Government has secured funding for the Lagos-Calabar Coastal Highway through an EPC+F agreement with Hitech.
Minister of Works, David Umahi, confirmed the agreement, highlighting its importance in sustainably funding infrastructure and boosting economic growth.
He stated that the project’s first 30-kilometer section would be completed before May 29, ensuring steady construction progress.
Construction of Sections 3A and 3B in Calabar will commence soon, marking another milestone for the ambitious coastal highway.
During a signing ceremony in Abuja, government and Hitech officials formalized the contract, securing vital foreign investment opportunities.
The Ministry’s Permanent Secretary represented the government, while Dany Abboud signed for Hitech Construction Nigeria Ltd.
Umahi expressed gratitude, noting the highway project reflects President Bola Tinubu’s long-standing vision under the Renewed Hope agenda.
He assured Nigerians that, with strong political will, the 750km highway would be completed before Tinubu’s second term ends.
The EPC+F model allows Hitech to attract essential foreign financing, while the government contributes 30% counterpart funding.
Umahi emphasized foreign investment will accelerate construction, praising Hitech’s impressive speed and exceptional construction quality.
He commended President Tinubu’s commitment, expressing confidence that the highway will stimulate Nigeria’s coastal economic transformation.
