President Tinubu, who performed the symbolic unveiling of
the plaque of the concrete-paved road at the Gbagada stretch, also virtually
inaugurated the recently rehabilitated Third Mainland Bridge.
He commended the business mogul, Alhaji Aliko Dangote, whose company, Dangote Industries Limited,
funded the project through the Road Infrastructure Development and Refurbishment
Investment Tax Credit (RITC) scheme for his selflessness.
Under the RITC, participants can utilise the total cost
(project cost) incurred in constructing or refurbishing an eligible road as a
tax credit against their future companies’ income tax (CIT) liability until the
full cost is recovered.
Tinubu, represented by Senate President Godswill Akpabio,
added that the 37-kilometre road, which reconstruction started in 2018 but
completed this year, is a win for all Nigerians.
“Lagos is home to all. I thank Aliko Dangote for coming up
with this initiative and in partnership with HiTech have delivered the Tenth
Wonder of The World. Lagos is not the only state experiencing growth and
development under the Renewed Hope Agenda,” he said.
Lagos State State Babajide Sanwo-Olu, represented by his
deputy, Obafemi Hamzat, said that about 20 companies relocated from Apapa owing
to the then bad condition of the road.”
He hailed Dangote and
HiTech for the ‘’excellent job they did.’’
“It used to take over seven hours to drive from one end of
the road to the other, it now takes around an hour,” Sanwo-Olu added.
Originally constructed between 1975 and 1978, the road had
deteriorated significantly over the years, causing severe delays in the
evacuation of goods from Apapa Wharf.
The reconstruction of the road was executed in four
sections, using Continuously Reinforced Concrete Pavement (CRCP), by Dangote
Industries Limited under the tax credit method of infrastructure funding, with
Hitech Construction Nigeria Limited as the subcontractor.
The rehabilitated Third Mainland Bridge, the longest of
three bridges connecting Lagos Island to the mainland, spans about 11.8km.
It was commissioned by President Shehu Shagari in 1980 and
completed by General Ibrahim Babangida in 1990.
The bridge recently underwent significant rehabilitation to
improve its structural integrity and extend its lifespan.
On the Ojota-Oworonsoki-Apapa Road, Dangote said the
‘’extremely poor’’ condition of the road in 2018 “severely hampered the
evacuation of goods and paralysed the
shipping and manufacturing industries.
“Before the completion of this road, it used to take two
weeks before we get to the port, and in about 18 months, we lost over N60
billion in demurrage…The successful completion of this project is an example of
the positive impact that can be achieved when the public sector collaborates
with the private sector.
“Utilising the visionary framework of Executive Order 007 in
Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme,
the Dangote Group has been able to mobilise capital for the complete
refurbishment of the entire 37 kilometres length of Apapa-Isolo-Oworonshoki
Road and its expansion to 10 lanes,” he added.
Dangote said his company was privileged to partner with the
Federal Government in its transformative efforts.
He also stated that the “Utilisation of the Road Infrastructure Development and
Refurbishment Investment Tax Credit Scheme should be revisited to make it more
viable for the private sector participants.
“In this case, we have so far recovered only 40 percent of
our investments and the balance is not due until 2027, we consider this project
merely as Corporate Social Responsibility(CSR).
“We believe that a more commercial interest rate recovery
should be allowed given the high cost of capital in the Nigerian fiscal
environment,” he stressed.
Works Minister Senator Dave Umahi also lauded the Dangote
Group for delivering the project, adding that the quality of the Dangote cement
was a testament to the value seen on the road.
He said: “I was once trapped for eight hours on my way to
the airport and so, I understand how terrible the road was. We are celebrating
this project today because it was well done and a display of new technology. It
is fully completed with solar-powered streetlights.
“In the same vein, the Third Mainland Bridge wasn’t just
another rehabilitation work, a road that has been standing for about 40 years…
to ensure that our bridges last longer, I’m happy to announce that Mr.
President has approved the ban on the excavation of sands 10 kilometers from
bridges across Nigeria.”
The Permanent Secretary, Federal Ministry of Works, Dr.
Yakubu Kofarmata announced that President Tinubu had directed the ministry to
complete Abuja-Kano Road within one year.
He assured Nigerians that the Makurdi-Enugu Expressway was
on the verge of completion and that other federal road projects across the
country are receiving attention.
The Permanent Secretary said the minister has saved Nigeria
a total of N1.19 trillion through renegotiations of some ongoing road project
costs across the country.
“What we are witnessing today is Nigeria working under the Renewed Hope Agenda of this administration, and the determination to have a better Nigeria where infrastructural facilities are functioning,” he added.