Nigerian Government Greenlights Tinubu Ally’s Hitech Construction Company for N1 Trillion Lagos-Calabar Coastal Road Section

The Nigerian Government has authorized Hitech Construction Company Limited to seek approval for over N1 trillion for the initial phase of the Lagos-Calabar Coastal Road. The company has requested N1,101,771,271,871.01, including 7.5% VAT, for constructing the Lagos-Calabar Coastal Road Corridor, Phase 1; Section I: from Ahmadu Bello Way to Eleko Village Area in Lekki Peninsula, covering a distance of 47.474km.

The BPP has reviewed the project cost at N1,067,887,381,148.61, inclusive of 7.5% VAT, resulting in a cost reduction of N33,883,890,722.40.

Minister of Works, Dave Umahi, has announced that the coastal road project is estimated to cost N15.356 trillion and will be finished within eight years. He emphasized that the contract was awarded based on the company’s performance record, not on sentiments as rumored in certain quarters.

Umahi confirmed that the project underwent due process, clarifying that it is not a Public-Private Partnership (PPP) but an Engineering, Procurement, Construction plus Finance (EPC+F) project with financial backing from the Federal Government.

The Nigerian government is soliciting bids for the construction of the Lagos-Calabar Coastal Highway, a project owned by Nigerian-Lebanese developer Gilbert Chagoury. The project, part of the Third Mainland Bridge project, is estimated to cost N15.356 trillion. Contractors with specialized skills are being invited to negotiate and complete the job. The project cost is projected to be approximately N19 billion per kilometer, with a standard carriageway width of 11.55 meters. Completion is expected within eight years, coinciding with the President’s term. Chagoury’s visa issues reportedly stem from his support of Christian Lebanese politician Michel Aoun, who is aligned with Hezbollah.

The Nigerian government has engaged in negotiations with contractors possessing specialized skills, such as Hitech Road Construction Company, known for expertise in addressing ocean surge challenges and reinforced concrete road pavement. The minister has expressed that this project is the most sensible one to commence, with the final cost being an approximate figure.

This news was summarised from a post on Sahara Reporters