Summary of Ongoing Projects
- On 25th February 2018, His Excellency President Muhammadu Buhari (GCFR) approved the establishment of the Presidential Infrastructure Development Fund (“PIDF”) to accelerate the execution of strategic infrastructure projects essential to the rapid growth and modernization of Nigeria’s economy.
- The Nigeria Sovereign Investment Authority (“NSIA”) is currently acting as the Fund Manager for PIDF and is responsible for overseeing the development of the Ongoing Projects which include (i) Lagos-Ibadan Expressway (“LIE”), (ii) Second Niger Bridge Project (“2NB”), and (iii) Abuja-Kaduna-Zaria-Kano Road (“AKR”).
- It is expected that 2NB will be commissioned before the current administration leaves office, at a date to be determined by the Presidency. LIE is expected to be completed in 2023 and AKR in 2025 as a result of the 11 months halt due to force majeure following the Abuja – Kaduna bound train attacks.
- The Ongoing Projects will be commercialized through tolling, concessions, marketing and other revenue generating strategies, with LIE forecasted to be the most lucrative due to its heavy traffic count and location.
- Dar Al-Handasah Consultants Limited in consortium with TSL Engineering Limited (“Dar and TSL”) has been engaged as the Technical Adviser (“TA”) on 2NB as well as LIE. Similarly, Ondur Engineering Limited & Hancock Ogundiya & Partners Limited has been engaged as TA on AKR.
- To date, the NSIA has received recovered funds totalling US$342.8 million which include the US$311.8 million recovered from the Abacha family, US$10.4 million recovered from UK and Ireland and $20.6 million Mecosta funds. The recovered funds are used for disbursements towards works done on the PIDF projects. Full details of all recovered funds can be found in the financial update section.
