The Federal Government of Nigeria has formalized an Engineering, Procurement, Construction, and Finance contract with Hitech Construction Company Nigeria Ltd. for the Lagos-Calabar Coastal Highway Project.

This agreement empowers the contractor, in collaboration with the Federal Ministry of Finance, to attract foreign investments to fund the project.

This was disclosed in a statement by the Special Adviser to the Minister of Works, on Media, Uchenna Orji, on Tuesday.

Orji said the agreement aligns with the Renewed Hope administration’s roadmap for securing sustainable funding for Legacy Projects aimed at driving economic growth.

At the signing ceremony, Minister of Works Dave Umahi stated that the Lagos-Calabar Coastal Highway was a vision of President Bola Tinubu years ago and has now become a reality under the Renewed Hope administration.

He highlighted the project’s significance in driving economic growth, improving connectivity, and fostering regional development.

He assured that, with the contractor’s expertise and President Tinubu’s strong political will, the 750km Lagos-Calabar Coastal Highway would be completed, by the grace of God, before the end of the President’s second term.

He said “We are very grateful to God almighty for this project that Mr President initiated.

“A dream of about 27 years back is made flesh before us, and we are fortunate to be part of this wonderful, evolving, mega project, the biggest ever known in Africa- the Lagos-Calabar Superhighway.

“So today, we have signed the EPC+F contract, which is Engineering, Procurement, Construction plus Finance.”

He further said “Now the beauty of it is that the F component of EPC + F is what is being fulfilled today. So, by signing this EPC+ F contract, it is paving the way for the contractor through the Federal Ministry of Finance to bring in foreign investment into this project. The Federal Government commitment is 30 per cent counterpart funding, which the President is fulfilling.

“And now there is a foreign component of the project, that is, foreign financing that will come in, it’s going to fast track the performance of this project, and I am happy with the performance of Hitech, with the quality of work they are doing and the speed of work. If not for settlement of a very high fee, we would have been able to commission the entire first section within one year of the project, even though it is for 36 months.”

The government began construction of the Lagos-Calabar Coastal Highway in March 2024, starting with a 47.7km first phase in Lagos, beginning at Ahmadu Bello Way.

This phase is set for completion by May 2025. Minister of Works Dave Umahi stated that each kilometer of the road would cost N4 billion to construct.