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Economic Issues > Blog > Uncategorized > President Tinubu Hails Completion of Oworonshoki-Apapa Expressway
Uncategorized

President Tinubu Hails Completion of Oworonshoki-Apapa Expressway

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By Reporter May 26, 2024
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L-R: Deputy Speaker, House of Representatives, Hon. Benjamin Okezie, Minister of Works Sen. David Umahi, Senate president Sen.GodsWill Akpabio. (Represented President Tinubu), President/CE, Dangote Industries Limited, Aliko Dangote, at the Official Commissioning of Dangote Industries Ltd, Reconstructed Apapa -OWoronshoki - Ojota Expressway Lagos
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President Tinubu Hails Completion of Oworonshoki-Apapa Expressway
By Patience Ikpeme

 

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President Bola Ahmed Tinubu has praised Alhaji Aliko Dangote, President of Dangote Industries Limited, and HiTech Construction for their pivotal roles in the completion of the Oworonshoki-Apapa Expressway.

Represented by Senate President Godswill Akpabio, Tinubu lauded the 37-kilometer road project, which began in 2018 and was completed in 2024, as a significant achievement for all Nigerians.

President Tinubu emphasized the crucial role of Lagos State in Nigeria’s economy, stressing that the state’s development benefits the entire nation. “Lagos is home to all,” he said, thanking Mr. Dangote for initiating and partnering with HiTech to deliver this vital infrastructure project. He also commended Minister of Works David Umahi for his dedication to structural development across Nigeria.

Aliko Dangote highlighted the severe challenges faced before the road’s reconstruction. He described the road’s condition as “extremely poor” before December 2018, severely impacting the transportation of goods and disrupting supply chains. “Before the completion of this road, it used to take two weeks to reach the port, and in about 18 months, we lost over N60 billion in demurrage,” Dangote stated.

Dangote praised the successful collaboration between the public and private sectors, facilitated by Executive Order 007 under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. This framework allowed the Dangote Group to mobilize capital for the road’s complete refurbishment and expansion to 10 lanes.

He emphasized the Group’s commitment to national development, stating, “We consider this project a Corporate Social Responsibility.” However, Dangote called for a review of the scheme to make it more attractive for private sector participation, noting that the Group has so far recovered only 40 percent of its investments, with the balance not due until 2027. “We believe that a more commercial interest rate recovery should be allowed given the high cost of capital in Nigeria,” he added.

Minister of Works, Engr David Umahi, praised the Dangote Group for delivering a high-quality project, highlighting the use of Dangote Cement and new technologies. “We are celebrating this project today because it was well done and a display of new technology, complete with solar-powered streetlights,” Umahi said.

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Umahi also announced a new measure to protect Nigeria’s bridges, banning sand excavation within 10 kilometers of bridges to ensure their longevity. He noted the recent successful rehabilitation of the Third Mainland Bridge, a key infrastructure piece standing for about 40 years.

Lagos State Governor Babajide Sanwo-Olu, represented by Deputy Governor Obafemi Hamzat, revealed that the poor condition of the road had forced about 20 companies to relocate from the Apapa area. “The state of the road was unimaginable. We are grateful to Aliko Dangote and HiTech for the excellent job they did,” Hamzat said. He noted that what once took over seven hours to travel now takes about an hour, significantly improving commutes for road users.

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Reporter May 26, 2024 May 26, 2024
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