Obaseki, InfraCorp, Others Seal N228b Deal For Reconstruction Of Benin-Asaba Expressway
The Edo State Governor, Godwin Obaseki, Wednesday, signed a N228 billion agreement with the Infrastructure Corporation of Nigeria (InfraCorp) and AAA Infrastructure Nigeria Limited (Triple A Infrastructure) for the reconstruction of the Benin-Asaba Expressway.
The road project is to be funded by Triple A Infrastructure and InfraCorp, supported by the Edo State Government as an equity investor under the 25-year Highway Development Management Initiative (HDMI) Concession to Africa Plus Partners.
Signing the deal at the Government House, in Benin City, the Edo State capital, Obaseki, who described the partnership as a great financing model for unlocking infrastructure development in the country, urged for sustained partnership between states and the Federal Government.
He said: “Between 2000 and 2001, a committee was set up to redesign the pension arrangement in Nigeria. The whole idea was to move into a contributory pension arrangement and begin a process of capital formation in the country by getting workers in the country to contribute their pension.” as these pensions will be invested in rebuilding the infrastructure of this country.
“That was the dream 30 years ago. I was on that committee alongside Adams Oshiomhole. It was the committee that gave birth to the pension funds that we have in the country today. Those pension funds have in excess of N16 trillion under savings, no outlet to invest them on, but forced to invest in short-term papers issued by the Federal Government.
“With transactions like this coming on stream, we will be creating opportunities for these pension funds to take our savings and put them into investments that will really develop Nigeria. This transaction for us is significant, and we believe and hope that it’s the first of several that will come.”
