The Federal Executive Council (FEC) said it had completed the design for the reconstruction of a major part of Apapa-Oworonshoki expressway in Lagos meant to be a concession to Dangote Group and consequently handed it to the company. Babatunde Fashola, the Minister of Power, Works, and Housing, said the truck park project which was part of the move to ease acute traffic crisis along the collapsed Oshodi – Apapa Expressway, would be completed this year. The Ministry of Power, Works, and Housing presented a memorandum seeking the augmentation of the price due to the need for increased scope of work especially shoreline protection of the Tin Can Trailer and Truck Pack, which is almost finished. The memorandum was approved.
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Fashola also clarified on the planned concession of the reconstruction of some parts of Apapa – Oshodi expressway as well as Ijora end to Wharf Road, disclosed the planned collaborative reconstruction agreement between Dangote Group, Flour Mills and Nigeria Ports Authority (NPA) as their corporate social responsibility. He also highlighted the challenges posed by the move. According to him, the portion conceded to Dangote Group for reconstruction between the Apapa Creek Road and Coconut bridge had been designed and handed over to the Dangote Group, explaining that the next move is to go for procurement and eventual FEC approval before the eventual kick-off of the reconstruction. Fashola also mentioned that the other side from Creek Road, Liverpool Road to the Coconut Bridge Tin Can Island part, is the part that is going to be given to the Dangote Group which showed interest to take it over, build it under the tax credit scheme of the federal government.
The Minister of Budget and Planning, Udo Udoma, said in pursuit of the implementation of Economic Recovery and Growth Plan (ERGP), the government is organizing a focused laboratory in March with a target of $25 billion investment. According to him, the programme will bring in investors with the focus on specific sectors such as agriculture, transportation, power, manufacturing, and processing, pointing out that a number of federal ministers will be brought on board to drive the programme. He also said the move is aimed at generating a significant sum of money for domestic investment. Udoma stated that the ongoing implementation of ERGP is yielding positive results as evidence in the increasing level of capital inflow, an improved foreign reserve which he said now stood at over $40 billion while inflation has continued to trickle down. According to Udoma, the development only shows that all indices of a growing economy are visible.
Source: This Day
