News Around Nigeria Today

Lagos, Private firm to establish N22 billion truck terminal at Orile-Iganmu

0

The Lagos State Government is collaborating with Structured Investment Company (STIC) to establish a Standard Trailer Truck Terminal at the Orile-Iganmu axis of Lagos State.

The project which will be executed under a Public-Private Partnership (PPP) is expected to cost about N22 billion.

This disclosure is contained in a statement signed by the Director-General, Office of Public-Private Partnerships (PPP), Mr. Ope George, who said the Trailer Truck Park, which will be constructed in three phases, will accommodate about 5,000 trucks at the same time when completed.

Related posts

READ ALSO:  FIRS calls for comprehensive revenue aggregation

Container shipping operations from China to Onitsha resume

What the Director General Office of PPP in Lagos is saying

George stated that the project will be executed using the Build, Finance, Design, Operate, Manage and Transfer PPP model with a 30-year concession period.

He explained that the terminal is expected to provide a permanent solution to the chaotic traffic situation around the Orile-Iganmu/Apapa ports axis by decongesting the perpetual gridlock in the area.

He said, “The project will create employment opportunities for various categories of persons. It will reduce the rate of accidents on the roads as truck drivers can make use of available relaxation facilities within Truck Terminal premises for rest in-between travels.

“The project, which will cost about N22 billion, will be financed by Messrs Structured Trade Investments Company, using the combination of equity and debt method.’’

George also revealed that the PPP arrangement involves the provision of software technology to enable truck tracking and an e-Call up system.

READ ALSO:  NRC announces receipt of 24 bids for Lagos/Ibadan, Warri/Itakpe e-ticketing solutions

Bottomline

The proposed Trailer Truck terminal is a welcome development that would possibly help ease the traffic gridlock that is being experienced on that axis.

The Lagos State Government and the federal authorities have been struggling to bring to an end the indiscriminate parking of heavy articulated vehicles and end the traffic congestion on that axis, but has not been able to record any success despite several initiatives, which includes enforcement.

READ ALSO:  CBN to establish International Finance Centre at Eko Atlantic City by 2nd quarter of 2022

Related

You might also like
Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More