The Federal Government has perfected a plan to concession 10 major highways in the country.
The Minister of Works, Babatunde Fashola, stated this on Wednesday while presenting details of the plan to the National Assembly Joint Committee on Works.
He told the lawmakers that the project titled, “Highway Development and Management Initiative,” was anchored on a private sector engagement.
The minister said investors would carry out the development and management of the road networks
He said the rationale behind the private sector engagement was to provide an avenue to mitigate paucity of funds.
Fashola said the first phase of the project would attract a capital investment of N163.32bn at a cost of about N16bn per each of the 10 roads.
He also said about 23,322 jobs would be created in the first phase.
The roads are Benin-Asaba, Abuja-Lokoja, Kaduna-Kano, Onitsha-Owerri-Aba, Shagamu-Benin, Abuja-Keffi-Akwanga, Kano-Maiduguri, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba.
He said the investors are expected to provide streetlights, toll plazas, rest areas, and weighbridge stations.