The proposed road is under the Public-Private Partnership (PPP) programme of the state government and is expected to be built by foreign investors.
Mr. Ayo Gbeleyi, Director-General, Lagos State PPP Office, said the project is expected to increase the real estate potential along the Ikorodu axis and reduce considerably the number of man-hours spent on the road.
According to him, the road would be built in four phases and the indicative cost of the project is N60 billion.
“The road will be tolled and include a bridge. Preliminary feasibility studies, design and detail drawings have been submitted,” he added.In the area of housing, Gbeleyi said the state wanted investors to partner with it, as government has provided opportunities for affordable housing as well as enabling housing supply.
“Government has initiated programmes to promote housing demands by providing land subsidy to private developers and providing home buyers initiative,” he said.
He also spoke on the proposed Alausa Greenfield Captive Power Generation Project which is expected to generate 7.5 megawatts of electricity to illuminate the Lagos State government’s seat of power.
The project is scalable to 12.5 megawatts. A 10-15 year Power Purchase Agreement is to be signed between the state and concessionaire.
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