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By Abdulwaheed Olayinka Adubi, Kaduna
The African Development Bank (AfDB) has dislosed that the African Investment Forum has secured $15.6 billion of investment interests for construction of the Lagos-Abidjan highway corridor.
The president, African Development Bank (AfDB), Akinwumi Adeshina announced this in a statement on Friday after a meeting with President Alassane Ouattara of Ivory Coast.
According to him in the statement, Adeshina explained that 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).
He further said that the investment would strengthen regional trade and integration in West Africa by linking the hinterlands of different Participating Member Countries (PMCs).
On his twitter handle, “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.
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Also in a statement it was revealed that the Corridor is expected to connect up to five west African capital cities covering approximately 1,028 km and eight border crossings, which are Cote d’Ivoire, Ghana, Togo, Benin and Nigeria.
AfDB says it will be the flagship project of the Programme for Infrastructure Development in Africa (PIDA).
“ECOWAS and WAEMU member states have consistently committed themselves to the financing of designated regional transport corridors.
“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,” it was revealed.
It was also noted that the Corridor is expected to connect up to five west African capital cities covering approximately 1,028 km and eight border crossings, which are Cote d’Ivoire, Ghana, Togo, Benin and Nigeria.