The Federal Government, through the Ministry of Works, has signed the Engineering, Procurement, Construction plus Finance (EPC+F) contract for the Lagos-Calabar Coastal Highway Project with Hitech Construction Company Nig. Ltd.
This agreement aims to attract foreign funding for the project, aligning with the Renewed Hope administration’s roadmap for sustainable funding.
According to David Umahi, Minister of Works, the signed EPC+F contract enables the contractor to bring in foreign investment, with the federal government committing 30% counterpart funding. Umahi expressed optimism that the project would be completed before the end of President Tinubu’s second tenure.
“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, biggest ever known in Africa- the Lagos-Calabar Superhighway,” Umahi said.
He added, “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’m happy with the performance of Hitech, with the quality of work they are doing and the speed of work.”