The Oyo
State Governor, Abiola Ajimobi, on Friday flagged off the construction of the
Ibadan Circular Road estimated to cost about N70 billion.
A statement
released by Yomi Layinka, Mr. Ajimobi’s media aide, said the road will boost
the socio-economic development and transportation system in the state.
The
governor, while speaking at the flag-off held at Badeku Village in Ona-Ara
Local Government Area, said the 32km first phase of the 110km road would be
completed within 18 months.
He said the
first phase of the project, which would start from Badeku Village and end at
Ajanla Village on the Lagos-Ibadan Expressway, representing the Northeast
corner of the project, was awarded to the ENL Consortium Limited.
The
statement quoted the governor as saying that the project will be financed
through a facility sourced from the Nexim Bank of China by the contractor on a
“Build, Operate and Transfer” arrangement between the ENL and the state
government.
“This
project is at no cost to Oyo State Government; our partner (ENL Consortium)
shall raise fund to finance it on the basis of `build, operate and transfer’ as
part of our public-private partnership agreement,” Mr. Ajimobi said.
“Nexim Bank
of China will provide the fund because of their belief in the expertise and
international best practice of our partner for whom we are guarantor.”
Describing
the project as a dream which had remained unfulfilled until his administration
successfully brought it into fruition, Mr. Ajimobi said, when completed, it
would further enhance the socio-economic development of the state.
Besides, he
said it would generate unquantifiable number of skilled and unskilled
employments as well as end the perennial traffic snarl within the Ibadan
metropolis and help those travelling in and out of the city.
The governor
pledged that his administration would not leave any project uncompleted,
stressing that that was why government opted for the PPP arrangement for the
circular road to ensure its speedy completion.
He recalled
that the road project, which was conceived in 2002 by the Lam Adesina-led
administration, had suffered abandonment and neglect from successive
administrations.
The
governor, however, called on the federal government to support states with more
funds for development to reach the grassroots, the statement said.
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