Nigeria’s House of Representatives has approved a request by Bola Ahmed Tinubu to secure a $516.33 million loan from Deutsche Bank for the Sokoto-Badagry Superhighway project.
The approval came during plenary presided over by Speaker Tajudeen Abbas, following consideration of the proposal by the Committee of Supply.
The highway project, spanning about 1,000 kilometres from Illela in Sokoto State to Badagry in Lagos State, is a flagship initiative under the administration’s Renewed Hope Agenda.
According to the President, the road will “improve north-south connectivity, safety and network performance on the corridor; reduce logistics costs and travel times by providing a continuous high-capacity expressway standard link to downstream markets and strengthen trade facilitation, food security and national cohesion through improved access between production zones, markets and ports.”
He added that the project would also “safeguard long-term intermodal flexibility by reserving the central median for future rail integration and accommodating utility corridors.”
The funding package includes partial guarantees from the Islamic Development Bank, while the Federal Government will contribute N265.54 billion as counterpart funding.
Lawmakers endorsed the proposal after a report presented by Abdullahi El-Rasheed on behalf of the House Committee on Aids, Loans and Debt Management.
The project is expected to boost trade, reduce transport costs, and strengthen economic links between northern and southern Nigeria.
