The federal government has perfected a plan to allow franchising of the country’s 10 major highways.
Minister Works Babatunde Fashola said on Wednesday that he also introduced the details of the plan to the National Assembly Joint Committee on Work.
He told lawmakers that the project entitled “Highway Development and Management Initiative” was based on the participation of the private sector.
The minister said that investors will develop and manage the road network.
He said the reason for private sector participation is to provide a way to alleviate the lack of funds.
Fashola said that the first phase of the project will attract 163.32 billion naira of capital investment, and the cost per 10 roads is about 16 billion naira.
He also said that the first phase will create about 23,322 jobs.
The roads are Benin-Asaba, Abuja-Lokoja, Kaduna-Kano, Onitsha-Owerri-Aba, Shagamu-Benin, Abuja-Keffi-Akwanga, Kano-Meduguri , Lokoja Benin, Port Harcourt, Enugu, Ilorin-Jebba roads.
He mentioned that he expects investors to construct street lights, toll plazas, rest areas and weighbridge stations.
At the same time, the axis of the Lagos Pen Cinema in Agege has been closed to accommodate the construction of the flyover bridge in the area.
Lagos Transport Commissioner Dr. Frederic Oladeinde said the blockade was effective, allowing contractors to launch beams across iju Road without any interference.