FG to finalise N1.5 trn in road concession deal for nine major highways — Edun
By Seun Ibiyemi
The Federal Government is set to finalise a landmark N1.5 trillion road concession project aimed at reconstructing and managing nine major highways across Nigeria, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking during a meeting with private sector investors in Abuja on Wednesday, Edun said the project — initiated under the Highway Development and Management Initiative (HDMI) in 2021 — is nearing conclusion.
The initiative is designed to leverage public-private partnerships to address infrastructural funding gaps and improve road management across the country.
“We met the concessionaires who have virtually concluded all the agreement arrangements for nine roads, which they are contracting to refinance, rebuild, and recover their funds through tolling fees under 25-year agreements,” Edun stated.
The targeted highways span approximately 900 kilometers and are expected to be funded, reconstructed, and maintained by private sector partners under long-term concession agreements.
Edun emphasized that the investment would not only bridge budgetary shortfalls but also enhance the government’s capacity to deliver quality infrastructure while creating over 250,000 jobs.
One of the flagship projects under the initiative, the 125-kilometer Benin–Asaba Highway, has already been handed over to its concessionaire, Shoreline, and is set to be upgraded into a 10-lane expressway.
The reconstruction is projected to reduce travel time between Benin and Asaba from four hours to one hour, significantly boosting regional productivity.
Minister of Works, Engr. David Umahi, who joined the meeting virtually, reaffirmed the government’s commitment to resolving administrative bottlenecks and facilitating a smooth takeoff for the projects. Concessionaires at the meeting called for the final signing of addendums and clear documentation to enable early tolling and phased project implementation.
Also present at the meeting were the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and the Director General of the Infrastructure Concession and Regulatory Commission (ICRC), Dr. Jobson Ewalefoh.
The HDMI originally identified 12 major highways covering 1,963 kilometers, including the Abuja–Lokoja, Kano–Katsina, Lagos–Ota–Abeokuta, and Lagos–Badagry–Seme corridors.
The initiative is expected to be a game-changer in Nigeria’s infrastructure development strategy, harnessing private capital and expertise for sustainable national growth.
