Julius Berger Nigeria plc, Setraco Nigeria Limited, China Harbour Engineering Company Nigeria Limited and eight other construction companies will now work the nation’s 12 highways on a concession basis.

Infinity Tyres

Announcing the successful firms yesterday, Minister of Works and Housing, Mr Babatunde Fashola, said that the process would unlock capital over possibly a trillion naira.

According to him, it took two years for the concessionaires to emerge because the government wanted to follow the rules.

“If you have followed the process, we are now two years. This is just how long it is. This is how many cooks are required to make the broth. It is a long process, but it can also be very rewarding. You have to follow the rules, and we have followed all the rules. We are at the point now where we are seeking to unlock capital in excess of possibly a trillion naira if the process succeeds,” he said.

Fashola said that when the government started in 2015, it had a budget of N18 billion.

“The fourth Sukuk was N210 billion to be spent on 66 roads. We have innovated and initiated tax credit schemes which have  brought in Dangote, Liquefied Natural Gas (LNG), Nigerian National Petroleum Corporation (NNPC), BUA  Group, PZ  Industries,  all putting their feet into water to contribute in constructing our road infrastructure.”