President Bola Ahmed Tinubu has described the newly commissioned Oworonshoki-Apapa Expressway as the Tenth Wonder of the World.
He commended the President of Dangote Industries Limited, Alhaji Aliko Dangote, for his selflessness in actualising the project.
Tinubu, represented by Senate President Godswill Akpabio, enthused that the 37-kilometer road, which commenced in 2018 by the former administration and completed in 2024, is a win for all Nigerians.
He explained that the importance of Lagos State to Nigeria makes it very vital and as such must work for the benefit of all.
He said: “Lagos is home to all, I thank Aliko Dangote for coming up with this initiative and in partnership with HiTech have delivered the Tenth Wonder of The World.
“Lagos is not the only state experiencing growth and development under the renewed hope agenda. I also congratulate the Minister of Works David Umahi for his passionate commitment to structural development across Nigeria,” he said.
Speaking on the “extremely poor” condition of the road before December 2018, Dangote stressed that the road “Severely hampered the evacuation of goods and restricted access to the markets, paralysing the shipping and manufacturing industries and disrupting supply chains across the entire economic landscape.
“Before the completion of this road, it used to take two weeks before we get to the port, and in about 18 months, we lost over N60bn in demurrage…The successful completion of this project is an example of the positive impact that can be achieved when the public sector collaborates with the private sector.” Dangote said
“Utilising the visionary framework of Executive Order 007 in Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, the Dangote Group has been able to mobilise capital for the complete refurbishment of the entire 37 kilometers length of Apapa-Isolo-Oworonshoki road and its expansion to 10 lanes.”
Dangote added that the Group was privileged to partner with the federal government in the transformative efforts, reaffirming its commitment to national development and prosperity.
He also stated that the scheme must be revisited to make it more viable for the private sector participants. “In this case, we have so far recovered only 40 per cent of our investments and the balance is not due until 2027, we consider this project merely as corporate social responsibility.
“We believe that a more commercial interest rate recovery should be allowed given the high cost of capital in the Nigerian fiscal environment,” he said.
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