AfDB to raise $15 billion for the Lagos to Abidjan highway
Akinwunmi Adesina; the President of the African Development Bank has verified that his organization will collaborate with others to mobilize $15 billion to build the the Lagos-Abidjan Highway.
Adesina announced this on Friday in Abuja at General Yakubu Gowon’s 90th birthday celebration. According to Adesina, The Lagos-Abidjan Highway corridor will control 80% of the region’s trade. This will be done under the supervision of the Economic Community of West African States (ECOWAS).
The Lagos-Abidjan highway project is a significant infrastructure project targeted at regional economic unification by connecting: Côte d’Ivoire, Ghana, Togo, Benin Republic, and Nigeria; through a 1,068-kilometer highway. This highway will cut across eight border towns, from Eric Moore in Lagos to Abidjan, Côte d’Ivoire.
Adesina added that the project will reinforce transportation between Nigeria and West Africa. “The bank is mobilizing now support for the development of the railway line, connecting Kano to Maradi in the Niger Republic.”
“On a significant note, the African Development Bank has provided $12.6 million to my brother, the president of the ECOWAS commission to support a feasibility study for the Lagos-Abidjan corridor highway.”
“As a bank, we and other institutions will help to mobilize the $15 billion necessary to finance that corridor which carries over 80% of the trade in the region.”
“When completed, the corridor will enhance transport connections between Nigeria to the rest of the West African region,” Adesina explained.
AfDB’s other investments in infrastructure
Adesina mentioned other investments they’ve embarked on to foster infrastructural development in Nigeria. He said the bank has raised over $300 million for the Enugu to Cameron project. He added that in order to reduce traffic, the bank invested more than $40 million to the Lekki toll road.
In Adesina’s words, “To strongly support African social and economic growth, the African Development Bank invests heavily in infrastructure. For the last eight years alone, we have invested over $55 billion dollars in infrastructure.
“This includes roads and highways, transport corridors, seaports, airports, ICT infrastructure and regional power transmission networks. The African Development Bank has invested $389.3 million in the highway connecting Enugu to Bamenda in Cameron.
“This transport corridor will serve 11 billion people. Also, we have invested $49.5 million in the Lekki toll road, easing traffic and lowering transport costs.”
The Lagos-Abidjan Corridor Highway is one of the Dakar-Lagos Corridor. This is part of the topmost development programs of the Economic Community of West African States (ECOWAS), and is expected to significantly improve regional unification.
It is envisioned to transport over 500,000 passengers daily. This will in turn foster trade, tourism, and economic relations in the region.
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