FILE PHOTO: The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. Picture taken September 16, 2016. REUTERS/Luc Gnago/File Photo - RC196B9DEF90
The African Development Bank (AfDB) says the $430 million Enugu-Cameroon road project will be completed before the end of this year.
AfDB President, Akinwumi Adesina, said this at the 59th ordinary session of the Economic Community of West African States Authority of heads of state and government in Accra, Ghana.
In March 2007, Cameroon and Nigeria signed a memorandum of understanding (MoU) seeking funds from the bank and other development partners to execute the road transport corridor.
It was co-funded by AfDB, the governments of Nigeria and Cameroon, Japan Bank for International Cooperation (JBIC) and the International Development Agency (IDA).
The project was designed to strengthen trade and cooperation between the two countries.
“The $430 million highway linking Enugu in Nigeria to Bamenda in Cameroon will be completed this year and will transform trade opportunities between the two countries,” Adesina said.
He also said AfDB and the ECOWAS commission are working together to “finalize the feasibility studies for the landmark Abidjan-Lagos corridor by the end of this year.
“We expect construction for the corridor to commence within 24 months. This highway will link 85% of the trade volume in ECOWAS through the corridor.
“That’s who we are: Africa’s solutions bank! And Africa needs solutions to help it navigate through the very challenging times posed by the Covid-19 pandemic”.
The Abidjan-Lagos corridor is a flagship project of the Programme for Infrastructure Development in Africa (PIDA) that interconnects the capital cities of five western African states: Côte d’Ivoire, Ghana, Togo, Benin and Nigeria.
The corridor starts from Bingerville, a suburb of Abidjan, and terminates at Mile 2 in Lagos.
Obi vs Soludo: ₦86.67bn Handover Figure Meets ₦127.37bn Debt Claim The renewed Anambra debt dispute…
Rent Crisis Deepens as Tenants Struggle With Soaring Housing Costs in Calabar, Lagos, Abuja The…
NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary The Nigeria Labour Congress (NLC) has…
Plateau Imposes 6pm–6am Curfew on Three LGAs After Fresh Attacks The Plateau State Government has…
UK Approves Defensive Military Support for Saudi Arabia as Houthi Attacks Escalate The United Kingdom…
UK Student Visa: 63 Countries Exempt From Proof of Funds, Nigeria Excluded The United Kingdom…