Adedapo Adesanya
By Adedapo Adesanya
The African Development Bank (AfDB) has announced that the African Investment Forum has secured $15.6 billion of investment interests for the construction of the Lagos-Abidjan highway corridor.
This was disclosed by Mr Akinwumi Adesina, the president of the Abidjan-based lender in a statement on Friday after a meeting with President Alassane Ouattara of Ivory Coast.
Mr Adesina said that the investment would strengthen regional trade and integration in West Africa by linking the hinterlands of different Participating Member Countries (PMCs).
In a tweet, he wrote, “Speaking to the press at the Presidential Villa, together with H.E. President Alassane Ouattara. He was delighted to hear the African Investment Forum has secured $15.6 billion of investment interests for construction of the Lagos-Abidjan highway corridor.”
The corridor is expected to connect up to five West African capital cities covering approximately 1,081 kilometres and eight border crossings, which are Cote d’Ivoire, Ghana, Togo, Benin and Nigeria.
The Abidjan–Lagos transport corridor currently supports approximately 75 per cent of sub-regional trade activities, and infrastructure deficiencies make it difficult to optimally contribute to regional economic growth.
Bingerville in Abidjan and Mile 2 in Lagos will be the locations for the two ends of the large dual, 3-lane corridor project. The highway has three parts, the Abidjan – Takoradi section of 295 kilometres; the Takoradi – Akanu (both in Ghana) section of 466 kilometres; and the Noepe (in Togo) – Cotonou – Lagos section, of 320 kilometres.
The project, when fully implemented, is expected to promote the free movement agenda of the Economic Community of the West African States (ECOWAS), generate social and economic activities, promote cross-border trade and integrate the economies of countries in the region.
The five major countries that the highway passes through have a combined GDP of $590 billion and a population of 284 million.
AfDB says it will be the flagship project of the Programme for Infrastructure Development in Africa (PIDA).
