Catalyzing Change, Sustaining Development, Adding Value..
The Lekki Toll Road Concession Agreement, which underpins the "Lagos Infrastructure Project", will include upgrading and creating new Road Infrastructure along the first 49.4km of the Lekki-Epe Expressway (Phase I). Furthermore, additional private sector finance will be deployed towards developing the first 20km of the Coastal Road with an option to do the Southern Bypass as well (Phase II).
In keeping with the already globally established BOT model of infrastructure delivery, the Concessionaire will be required to operate and maintain the road for the full 30-year term of the Concession, and then to hand over the assets to Lagos State in good condition at the end of the Concession term.
In this way, not only will Lagos State enjoy new World Class infrastructure as a direct consequence of this Agreement, users of the road will also positively experience the service-based approach that will be adopted by the Concessionaire to deliver the following key benefits at affordable prices.
1. Convenience - traffic decongestion, easier access to and from the Lekki-Epe corridor, breakdown and recovery assistance, ambulance service, Customer Call Centre, etc
2. Journey times - shorter journey times, reduced wear and tear on motor vehicles, reduced fuel consumption by road users, etc.
3. Security - law enforcement, better street lighting, reduced risk of "go slow robbery", etc
In addition to those listed above, other foreseeable key benefits for the area include creation of employment, support for continued and new business growth, and the underpinning of real estate values. All of these benefits should have important positive impacts on economic growth in the area and for Lagos State as a whole.
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