Minister of Works, David Umahi, has disclosed that four companies have shown interest in taking over and operating the Lagos-Calabar Coastal Highway project, highlighting its high potential for returns and strong appeal to private investors.
Speaking to journalists during an end-of-year press briefing, Umahi said the interest reflects the project’s commercial viability and underscores the administration’s commitment to attracting private-sector funding for critical infrastructure.
There is international funding of 70% and there is return on investment and it is very high.
There are people that have been coming; about four different companies that they want to pay 100% of what we have spent on the coastal highway section 1 and they would take it over and toll it and the process is on,” he said.
He explained that the development demonstrates growing confidence by investors in the project, adding that the government is open to public-private arrangements that ensure sustainability while reducing the financial burden on the state.
Defending the broader legacy projects of President Bola Tinubu, Umahi said they were conceived as investments rather than conventional construction efforts.
