Infrastructure Bank to Raise N167bn for Lagos-Ibadan Expressway By Obinna Chima The federal government has mandated the Infrastructure Bank Plc to raise the N167 billion required for the reconstruction of the 127-kilometre Lagos-Ibadan dual carriage-way. The Managing Director of the bank, Mr. Adekunle Oyinloye, disclosed this in a statement. He said the bank would leverage on its financial expertise to collaborate with the federal government on the project. Oyinloye assured stakeholders that his institution would raise the requisite capital to execute the project According to him, Infrastructure Bank was appointed the transaction adviser and the leader of a consortium of local and international financiers as well investors to the project. “The project is now to be completed in a record time of 24 to 30 months as opposed to the 48 months initially proposed by the contractors,” he said. He called on other Nigerian banks to increase the financing of infrastructure. This, according to him, was necessary to unlock the nation’s potential. “For Nigeria to rapidly reduce its infrastructure deficit and improve on its socio-economic development indices, it behoves the nation’s financial sector to unlock its potential,” he said. The Minister of Works, Mr. Mike Onolememen, had described the project as further evidence of the President to transform the nation’s infrastructure. He said the federal government was delighted to have worked closely with the Infrastructure Bank in structuring innovative financing solution for the rehabilitation and expansion of the expressway. The Lagos-Ibadan expressway was built over 30 years ago and is one of the most important roads in the country, linking the nation’s commercial hub of Lagos to the adjoining states and the rest of the country.
Posted on: Fri, 13 Sep 2013 08:36:51 +0000
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