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There may be reason for users of the all-important Lagos-Ibadan Expressway as the initial completion scheduled date of four years have now been shortened to two and half years maximum. This is to be made possible by a recent directive by the Federal Government for the Infrastructure Bank Plc to provide the needed financing for the project. Managing Director of the bank, Mr. Adekunle Oyinloye said the specialised development finance institution will raise the entire N167 billion needed for the reconstruction of the 127-kilometre Lagos-Ibadan multi-carriage way.
In a statement released in Abuja, Oyinloye said his institution would leverage on its financial expertise and culture of excellence in its partnership with Federal Government on the reconstruction of the expressway.
He said the bank was glad to have been able to provide the financial engineering to ensure the bankability of the project and would raise the requisite capital to execute the project.
“The project is now to be completed in a record time of 24 to 30 months as opposed to the 48 months initially proposed by the contractors”, he said
Oyinloye said the bank would continue to work with Federal Government towards timely completion of the project by providing cutting-edge advisory services.
He urged other Nigerian banks to channel their pool of funds into the development of infrastructure, adding that Nigerian banks must help to unlock the nation’s potential by financing the development of its infrastructure.