ENUGU- The Minister of Works, Mr Mike Onolememen, has said the completion of the Nigeria-Cameroon road demonstrated Public-Private-Partnership (PPP) initiative as good funding option for infrastructure development.
Onolememen stated this in Enugu while speaking to newsmen on the sidelines of the inauguration of the Enugu-Abakaliki-Ogoja Junction-Ikom-Mfum-Cameroon border road.
He noted that the large capital requirement for road development could no longer be sustained solely from funding by the national budget.
“Consequently, we had to explore funding options with the World Bank and the African Development Bank in financing this project under the Nigeria-Cameroon Transnational Highway.
“The completion of this project in record time shows that this strategy of partnership with multi-lateral and private sector financiers represents the way forward for all critical infrastructure in our country.
“So, one of the lessons learned from this road is the need for us in this country to leverage on concessionary loans to drive critical road infrastructure projects across the country.
“This road, therefore, symbolizes the reaping of the dividends of our unique strategy of exploring innovative and resourceful ways of funding delivery of quality roads in the country,” he said.
He also explained that the execution of the project had exposed the ministry to the benefits of replicating community-friendly projects in communities where major roads project traversed.
“This particular project was community-friendly as part of the N31 billion expended on this road was expended on community-friendly projects in communities along this road to boost economic activities.