The Federal Government, in partnership with Africa Plus Partners, has initiated the construction of the 125km Benin–Asaba Expressway in Edo State.
Edo Governor Monday Okpebholo, who represented President Bola Ahmed Tinubu, conducted the groundbreaking ceremony at the project site in Benin City.
He praised the project’s financing structure, saying: “This is a legacy project. For private investors to risk their capital, it shows belief in the President’s vision and the future of our economy.”
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the project as a significant achievement in infrastructure financing.
He said: “What you see on the front page of the pamphlet will be delivered—because the cash is there. This is not reliant on direct federal funding.
“Africa Plus Consortium, backed by credible investors, has put forward the full capital commitment under the enabling policies of President Bola Tinubu.
“One hundred and twenty-five kilometres of clean, efficient, and well-lit road with solar super-highway will be delivered between Benin City and Asaba, as obtainable in modern highways.
“The money (for the reconstruction of the Benin-Asaba Expressway) is coming from the private sector and investors.
“It is a project whereby the private sector, believing in the enabling environment that has been created for investors, and believing in the policies of President Tinubu, have put their money down to complete the road in record time.
“In view of the financing model, it is not relying on contract from the Federal Ministry of Works or funding by the Federal Government.
“This is one road in Edo State, but there are many other roads waiting to be inaugurated week after week, month after month, according to this particular model, which brings private and public sectors together in a partnership that is the commitment, the policy, the determination and the strategy of President Bola Ahmed Tinubu to deliver world-class infrastructure in record time, in a sustainable financial model.”
Minister of Works, Senator David Umahi, described the project as a “cashless model,” and stated that this type of funding is both possible and will be seen more in the future.
Umahi insisted that Africa Plus Partners Nigeria Limited, the road developer, was capable of delivering quality the road in record time.
The event was also attended by Delta State Governor Sheriff Oborevwori, who was represented by his deputy, Chief Monday Onyeme.
The representative of Edo North Senatorial District, Senator Adams Oshiomhole; Edo Deputy Governor, Dennis Idahosa; Speaker of Edo House of Assembly, Chief Blessing Agbebaku; a former governorship candidate of the All Progressives Congress (APC) in Edo, Pastor Osagie Ize-Iyamu; Edo Chairman of APC, Jarrett Tenebe; and other eminent personalities were present.
Oborevwori also pleaded with Umahi to extend the reconstruction beyond the popular Summit Junction in Asaba, to the Asaba/Onitsha Bridge.
In response, the minister said the road project would be taken to the second Niger Bridge, adding that 30 per cent mobilisation fee had been released.
