The Minister of Works, Sen. Dave Umahi, has projected a Return on Investment (ROI) of around N1.67 trillion in 15 years on the Lagos-Calabar Coastal Highway corridor.
Umahi gave the estimate while addressing newsmen and stakeholders during a meeting on the Lagos-Calabar Coastal Highway projects at the Eko Hotel on Thursday, April 11, in Lagos.
The News Agency of Nigeria (NAN) reports that the minister gave the total estimates based on the classification of vehicles to be tolled when the project is completed.
”I ran the figures this morning. That is, if the 47.47km Phase I is completed and I toll on the two sections, I give an average of 50,000 vehicles; the big vehicles will be charged about N6,000, and the small ones will pay between N1,000 and N1,500.
“Let’s make it so that an average of N3,000 would be charged. In fact, when I round the figures, I will have about 1.67 trillion in 15 years. So, the ROI will be huge,” he said.
The minister said that the total cost of the coastal road project could not be fixed, saying that if inflation hits, the project would have to be reviewed.
“Some people say we paid 1.067 trillion; the answer is no. We paid money according to the Procurement Act and according to the policy of the Federal Ministry of Works.
Umahi noted that the project would boost economic activity, improve transportation, and create a more enjoyable travel experience.
