Business
AfDB secures $15.6bn for Lagos-Abidjan road project
African Development Bank (AfDB) says it has secured $15.6 billion for the construction of the Lagos-Abidjan highway corridor to ease transportation across West Africa.
Akinwumi Adesina, president of the AfDB, disclosed this on Thursday during the 2021 Africa Investment Forum virtual boardroom closing session.
In April 2020, the Bank had approved funding of $13.67 billion for the Lagos-Abidjan highway corridor project.
The road corridor links cities across five West African countries, namely Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria.
Adesina said the project would go a long way to support trade in West Africa and reduce transport costs and increase intra-regional trade volume.
“The biggest deal for the boardroom is the $15.6bn deal for the Lagos-Abidjan highway corridor. The 46-lane highway corridor will connect Lagos, Cotonou, Lome, Accra, and Abidjan,” he said.
“It will support 75 percent of the trade in the West African region. The project will impact the lives of over 500 million people. It would reduce transport costs by 48 percent. It would increase intra-regional trade volume by 15 to 25 percent. It would connect land-locked cities to port countries.”
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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