The Chairman of AEC Unity Network Limited, Dr. Kenny Martins, has assured Nigerians that the long-awaited 470 km Abuja–Lagos Superhighway will see groundbreaking before the end of this year, once the Federal Executive Council approval is given.

Speaking at a press conference held at the Oriental Hotel in Lagos on Tuesday, Martins said the project will cost an estimated $4bn, though final costs may rise to $5bn depending on adjustments during execution.

“The project will take about $4bn, but with issues and adjustments, it can be rounded up to $5bn”, Martins revealed.

“The time for completion is four years, and when the road is ready, it will take just four hours to travel from Lagos to Abuja,” he added.

He also commended President Bola Tinubu’s commitment to infrastructure development across Nigeria.

“We are today fully prepared to go to the site and commence construction as soon as we receive the Federal Executive Council approval for the project take-off and the flagging off of the project by the President and Commander-in-Chief,” said Martins, who expressed optimism that all necessary approvals would be secured soon, paving the way for construction to commence.

He disclosed that the company had secured assurances from key government officials, including the Minister of Works, Engr Dave Umahi, as well as the Director-General of the Infrastructure Concession Regulatory Commission.

“We have the commitment of the Honourable Minister of Works. We also have the words of the DG of the ICRC on this. Nigeria should be expecting the cutting of the tape for the flag-off of this road project in a very, very short while,” he added.

Martins said the timeline for the groundbreaking ceremony was realistic and would not drag into the new year.

“Hopefully and prayerfully, God willing, that will happen before the end of the year. With the Federal Executive Council’s approval, the commencement of the construction will be good,” he told journalists.

He also emphasised that the highway will not only shorten travel time but also incorporate modern safety and security features.

Martins added that when completed, the superhighway is expected to ease pressure on existing road networks, open up communities along its corridor, and serve as the fastest road link between Nigeria’s political and economic capitals.

He stated that the superhighway will feature solar-powered street lighting, modern security infrastructure, and service terminals, making it one of the most advanced road projects ever undertaken in the country.

“There will be security provisions, solar lights, and terminals along the route to ensure safety and comfort for commuters,” Martins explained.

Martins, who led a roll call of financiers, advisors, contractors, and consultants at the event, stressed that AEC Unity Network had concluded all preliminary designs, studies, and approvals.

“One of the reasons we are confident and happy to announce ourselves after six years of preparation is that we know that we are ready and good to go. Nigeria should be expecting the cutting of the tape for the flag-off of this project in a very, very short while. Hopefully, prayerfully, God willing, that will happen before the end of the year”, he stated.

He said the superhighway will connect Abuja, the Federal Capital, with Lagos, the economic hub, while opening up communities in Lagos, Ogun, Oyo, Osun, Ekiti, Kwara, Kogi, Niger, and the FCT. A spur is also being discussed with the Niger State Government to link the road to Baro Port, enhancing trade and logistics.

“The superhighway will facilitate easier and cheaper means of commuting by road between the two great cities. It will also provide a convenient alternative for those travelling to any of the states along the corridor,” Martins explained.

Martins further noted that the project that was originally conceived under the Buhari administration was expected to rely on a sovereign guarantee from the Federal Government.

However, Martins explained that due to Nigeria’s heavy debt exposure, a different approach was adopted.

“We opted to execute the project without the usual sovereign guarantee but with a hybrid of guarantees that give our financiers confidence. This way, the project will not add to Nigeria’s debt burden,” he said.

Key stakeholders in the project include UBA PLC, Project Bank; Associated Engineering Consultants, project engineers; China Harbour Engineering Company, contracted to finance and construct about 100 km; United Capital PLC, mandated lead arranger for financing; Futureview Financial Services Ltd, lead financial advisor and co-fund arranger; Olaniwun Ajayi LP and G. Elias, project solicitors and legal advisors; and First Global Commerce Solution Ltd, Nigerian representatives of Yapi Merkezi (Dubai) and other global backers.

The AEC Unity Network Chairman also paid tribute to the late former President Muhammadu Buhari, who first endorsed the superhighway project during his administration.

“We must honour one of the Nigerian patriots who shared this enthusiasm with us, but is no longer with us today, President Muhammadu Buhari. He received this project with open hands and great enthusiasm,” Martins concluded. (PUNCH)