The Africa Investment Forum, championed by the African Development Bank (AfDB), has secured $15.6 Billion investment for the construction of the Lagos-Abidjan highway.
This was made known in a tweet by Dr Akinwumi Adesina, the president, African Development Bank (AfDB).
“Speaking to the Press at the Presidential Villa, together with H.E. President @AOuattara_PRCI of Cote d’Ivoire. 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.’’
“We are focused on expanding resources for the African Development Fund (ADF-16) replenishment’’
The investment, according to Adesina, would strengthen regional trade and integration in West Africa by linking the hinterlands of different Participating Member Countries (PMCs).
The six-lane (three-lane dual) motorway will cover approximately 1,028 km and interconnects the capital cities of five Western African States, including Abidjan (Cote d’Ivoire), Accra (Ghana), Cotonou (Togo), Lomé (Benin) and Lagos (Nigeria).
The Abidjan-Lagos Corridor is a flagship project of the Programme for Infrastructure Development in Africa (PIDA). It also links other corridors along the north-south axis and interconnects the landlocked countries of Burkina Faso, Mali, Niger and Chad, according to a statement issued by AfDB.
“The corridor interconnects the most densely populated and economically active parts of the sub-region –it intersects with a rail network and major ports/airports.
“The transport sector in West Africa plays a key role in the economic development of the region and generates about five to eight per cent of its Gross Domestic Product (GDP).
“This remains cognisant of the fact that an efficient regional transport network is an enabling infrastructure required to promote regional trade and socio-economic development, inter alia.
“ECOWAS and WAEMU member states have consistently committed themselves to the financing of designated regional transport corridors.
“The Abidjan–Lagos transport corridor currently supports approximately 75 per cent of sub-regional trade activities.
“However, a combination of hard and soft infrastructure deficiencies negates its optimal contribution to regional economic growth,’’ the Bank said.