ODSG Partners Chinese Company To Build 130KM Concession Road Project

Ondo State Government has concluded arrangements with a China Company, China Railway Construction Corporation International (CRCC) to develop a 130 km four (4)lane dual carriage road - Araromi - Okitipupa - Ondo - Akure Expressway.

The construction in conceived in two phases : phase I Northwest of Akure, passes northwest of Ondo and connect to A121. Phase ii interchange through the middle area between Ilado - Aye to Atijere with an extension to the Seaport.

The project will cost a total of about N158 billion. The state government is expected to provide 15% - 20% while financial institutions will provide 80%-85% to finance the project.

The Managing Director of CRCC, Mr Dou Yisuo explained that the project would create a new alternative access between North and South West of Nigeria.

Chairman of Ondo State Investment Promotion Agency, (ONDIPA) Mr Boye Oyewumi urged the foreign partners to stick to the terms and conditions of the Memorandum of Understanding by walking the talk.

The proposed road project when completed has two toll gates with about 25000 estimated traffic volume, which is capable of generating about N18 billion annually.

Governor Akeredolu thanked the foreign partners for the confidence and trust they have for his administration.

Secretary to the State Government, Ifedayo Abegunde signed on behalf of the State Government while the Managing Director, Mr Dou Yisou signed for CRCC International. When commenced, the project is expected to be completed in two years.[b][/b]