ECOWAS Says Abidjan-Lagos Highway To Gulp $2bn

ECOWAS Says Abidjan-Lagos Highway To Gulp $2bn

The  Economic Community of West African States (ECOWAS) Commission has disclosed that the Abidjan-Lagos highway development project may cost up to $2bn,

ECOWAS Commissioner for Infrastructure, Ebima Njie, who said this, disclosed that the ECOWAS is now focusing on three areas: the legal framework, which is going to govern the movement of people and goods within the corridor; the technical terms of reference of the designs and the management, which is going to govern the highway; and the financial mechanism, which is one of the most important things in order to get the dream realised.

He said: "Seventy-five per cent of our trade movement relies on this corridor. We are going to put up a funding mechanism, a pool of funds whereby it could be a mixture of funding. We will take loans and grants in order to make sure this is realised.

"Until the design has been done properly, we cannot come up with a tangible figure, but cost estimates; we are looking at $1bn to $2bn within that bracket in order to fund this project."

The Minister of Works, Mr. Mike Onolememen, said the project would facilitate free movement across borders in the sub-region.

Represented by the Deputy Director, Highways Planning, Mr. Umunna Ekenna, the minister said, "We have witnessed that regions around the world are pulling resources together towards creating opportunities to maximise the areas of strength for individual states within their regions.