Georgetown (Guyana), Oct. 31, 2023 – Lagos State Government on Tuesday signed a $1.352 billion loan agreement with the African Export-Import Bank (Afreximbank) and Access Bank for long-term infrastructure development in the state.
The State Governor, Babajide Sanwo-Olu, signed the deal on behalf of the state government at the 2nd Africaribbean Trade and Investment Forum 2023 in Guyana
Speaking at the agreement signing ceremony, Sanwo-Olu said the $1.35 billion deal would facilitate development of five major infrastructure projects in the state.
He said these projects would further boost our economy and serve generations to come.
” We are committed to creating a better future for Lagos and its people. The future of Lagos is brighter than ever.
” The first one is the first phase of the Fourth Mainland Bridge that will start from Aja end of Lagos and crossing the water, up on to Ikorodu and moving all the way to Lagos-Ibadan Expressway.
” The second infrastructure is what we call the Omu Creek, a huge infrastructure, that has been landlock in Lagos because of the crossing over of body of water to have access unto the land.
“This is the new Lagos that we are trying to recreate.
” The third project will be the Lekki-Epe Airport, which will open up the entire free trade zone region.
“We have gotten Federal Government’s approval and we will be working with a few partners.
” We are building the largest food logistics hub in the entire sub-saharan Africa and Afreximbank is excited in this and what it does to the economy,” he said.
Sanwo-Olu assured that these projects would be completed and inaugurated before the expiration of his administration’s second tenure.
”We will ensure that we will have the ability to carry on these projects concurrently so that before the end of our second tenure inaugurate and hand over some of these projects,” the governor said.
Herbert Wigwe, the Group Managing Director of Access Holdings, said the fund was local currency with a very significant tenor to ensure that there was appropriate financing option for the development of Lagos state.
”The whole idea is to decongest Lagos, improve the infrastructure to support the generation of increased Internally Generated Revenue of Lagos and continue to spur the growth in its GDP,” Wigwe said. (GBN)
