African Development Bank (AfDB) said on Friday that the African Investment Forum had secured $15.6 billion of investment interests for construction of the Lagos-Abidjan highway corridor.
AfDB President, Dr Akinwumi Adesina disclosed this in a statement after a meeting with President Alassane Ouattara of Ivory Coast.
According to the Bank, the transport sector in West Africa played a key role in the economic development of the region and generated about five to eight per cent of its Gross Domestic Product (GDP).
Adesina stated that the investment would strengthen regional trade and integration in West Africa by linking the hinterlands of different Participating Member Countries (PMCs).
The AfDB President tweeted: “Speaking to the Press at the Presidential Villa, together with H.E. President Alassane Ouattara. He was delighted to hear the African Investment Forum has secured $15.6 billion of investment interests for construction of the Lagos-Abidjan highway corridor.”
The Corridor is expected to connect up to five west African capital cities covering approximately 1,028 km and eight border crossings, which are Cote d’Ivoire, Ghana, Togo, Benin and Nigeria.
The bank noted that it would be the flagship project of the Programme for Infrastructure Development in Africa (PIDA).
AfDB in a recently issued statement said the Abidjan Lagos project was a key regional trade and transport corridor that “interconnects some of the largest and most economically dynamic cities in Africa, Abidjan, Accra, Cotonou, Lomé and Lagos.”
It said: “The corridor interconnects the most densely populated and economically active parts of the sub-region. It intersects with a rail network and major ports/airports.
“The transport sector in West Africa plays a key role in the economic development of the region and generates about five to eight per cent of its Gross Domestic Product (GDP).
“This remains cognisant of the fact that an efficient regional transport network is an enabling infrastructure required to promote regional trade and socio-economic development, inter ali.
“ECOWAS and WAEMU member states have consistently committed themselves to the financing of designated regional transport corridors.”
The bank added that “the Abidjan–Lagos transport corridor currently supports approximately 75 per cent of sub-regional trade activities, adding that a combination of hard and soft infrastructure deficiencies negates its optimal contribution to regional economic growth.”