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Nigeria’s Finance Minister, Mrs. Zainab Ahmed on Wednesday announced Federal Executive Council (FEC) approval for Nigeria to receive $1.5 million loan from the African Development Bank (AfDB) for the Lagos-Abidjan highway.
The fund is part of the $13.5 million approved by the AfDB in 2016 to finance the project, according to the minister.
She said: “Today (Wednesday) the ministry of Finance went to council to obtain approval for a loan of $1.5 million from the AfDB to finance the multi-national Abidjan-Lagos corridor highway development project study.
”The multi-national project that is running from Abidjan-Lagos corridor will be a highway project that will be in six lanes, a dual carriageway highway that will involve five countries, including the Federal Republic of Nigeria, the Federal Republic of Benin, Republic of Cote’d’Ivoire, Republic of Ghana and the Togolese Republic.
”At the 42nd Ordinary Session of Heads of State meeting of the ECOWAS countries in 2013, this project was discussed and approved, the AfDB in 2016 approved the sum of $13.5 million for the whole of the project to finance, both the study in the form of a loan as well as the grant.
”So, this $13.5 million has been distributed among the participating countries and the component for Nigeria is $1.5 million. The project study can be commissioned towards the planning of the execution of the highway project itself,” she stated.
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