The African Development Bank (AfDB), alongside other Development Partners, has reaffirmed its unwavering dedication to realising the Abidjan-Lagos Corridor Highway Development Project.
During the 19th Ministerial Steering Committee Meeting, attended by Ministers of Road Infrastructure and Works from Ghana and Nigeria, as well as representatives from Cote d’Ivoire and Togo, technical experts, partners, and esteemed participants, Mr Mike Salawou, the Director for Infrastructure and Urban Development at the African Development Bank (AfDB), shared that the bank is planning to organize a roundtable discussion with ECOWAS and Development Finance Institutions.
The objective of this roundtable is to explore the most suitable financing mechanisms for the project.
This reaffirmation of commitment demonstrates the collective determination to advance the Abidjan-Lagos Corridor Highway Development Project.
The involvement of various stakeholders, including the African Development Bank and ECOWAS, emphasizes the significance of regional cooperation and collaboration in achieving the project’s objectives.
“We are going to make sure that this coastal corridor is a developmental corridor, an economic corridor, which is going to boost industrialization, promote trade and improve lives and conditions of ECOWAS citizenry. So we are fully committed to making this a reality,” He said.
According to Mr Salawou, the bank would divide the highway corridor’s financial operations into three (3) segments beginning in the fourth quarter of 2023.
“AfDB has plans to start processing the financing of the corridor highway project in phases of three (3) and it is preparing to start phase one (1) by the last quarter of 2023 and by 2024. The AfDB will be the first, hopefully not the only one to start financing the corridor so that we can see traction.” He added.
The AfDB Director for Infrastructure and Urban Development also commended “the Federal Republic of Nigeria has started leading the way in launching the RFP to finance the section in Nigeria. We would like to follow suit and ask other Corridor Member Countries to follow suit.”
