Setraco Nigeria Limited, Julius Berger Nigeria Plc, China Harbour Engineering Company Nigeria Limited and eight other construction companies, will now manage the nation’s 12 highways on concession basis.
Gatekeepers News reports that the Minister of Works and Housing, Mr Babatunde Fashola, while announcing the successful firms said that the process would unlock capital in excess of possibly a trillion naira.
He said the process has taken the government two years for the concessionaires to emerge because the government wanted to follow the rules.
Fashola added that when the government started in 2015, it had a budget of N18 billion.
Fashola said, “If you have followed the process we are now two years. This is just how long it is. This is how many cooks are required to make the broth.
“It is a long process but it can also be very rewarding. You have to follow the rules and we have followed all the rules.
“We are at the point now where we are seeking to unlock capital in excess of possibly a trillion naira if the process succeeds.
“The fourth sukkuk was N210 billion to be spent on 66 roads.
“We have innovated and initiated tax credit schemes which have brought in Dangote, Liquefied Natural Gas (LNG), Nigerian National Petroleum Corporation (NNPC), BUA Group, PZ Industries, all putting their feet into water to contribute in constructing our road infrastructure.”