The Minister of Works, David Umahi, says the Lagos-Calabar Coastal Highway project has begun attracting strong interest from international investors.
Umahi said this on Wednesday while speaking at a press briefing at the ministry’s headquarters in Abuja, saying that at least four companies are offering to refund the entire cost of Section One of the highway in exchange for operating and tolling the road.
He said the flagship highway was conceived as an investment-driven legacy project rather than a conventional public works programme.
According to him, the Federal Government is funding only about 30 per cent of the Lagos-Calabar Coastal Highway, while 70 per cent is being sourced from international financiers, adding that the return on investment remains “very high”.