We are pleased to announce that the Edo State Government signed an equity partnership deal with Africa Plus Partners Nigeria Limited (APPNL) for the reconstruction of the 125km Benin – Asaba Expressway . The signing ceremony which was presided over by the Executive Governor of Edo State – His Excellency Mr. Godwin Obaseki.
His Excellency Mr. Obaseki while praising APP, Triple A, InfraCorp and the other equity partners underscored the significance of the Benin Asaba Expressway to the Nigeria economy, a road that serves as a vital link connecting the south west, south south and south east regions of Nigeria. Additionally, His Excellency Mr Obaseki stated that the highway corridor is instrumental to unlocking economic development in the country while offering numerous commercial benefits to its users.
The Benin-Asaba Expressway rehabilitation project is one of the 9 federal highways concessioned under the Highway Development and Management Initiative (HDMI) in 2023. The Federal Ministry of Works entered a 25 years Public Private Partnership (PPP) concession agreement with the APP consortium.
About the HDMI
The Highway Development and Management Initiative (HDMI) is an infrastructure development program of the Nigerian Federal Ministry of Works aimed at facilitating private sector participation in the development and improvement of 35,000km of federal highways across Nigeria with a target of encouraging operational efficiency, responsibility and profitability to all stakeholders. The program, which is a PPP initiative of the Federal Government of Nigeria (FGN) seeks to attract sustainable investment and funding in the development and maximization of road infrastructure, making provision for the construction, operation, management and maintenance of all assets within the right of way.
The pioneer roads for the exercise includes Benin Asaba Expressway and Lagos – Otta – Abeokuta Expressway. Both of which have been concessioned to APP for 25 years.
For more information about the HDMI programme visit: https://www.icrc.gov.ng/hdmi-fec-approves-1374km-roads-across-9-corridors-to-generate-n11-54trn-icrc/
About APP
Africa Plus Partners Nigeria Limited is a SEC licensed specialist asset management company focused on infrastructure fund management in Nigeria and sub-Saharan Africa. APP currently manages Nigeria’s first equity-based, Naira denominated infrastructure fund – the Africa Infrastructure Plus Fund (AIPF or the “Fund”). APP has also obtained approval from SEC for a total programme size of NGN200billion for its second Fund, AIPF II. Having completed Series I of AIPF II, the total fund under management by APPNL currently is in excess of N50billion. With a rich and robust deal pipeline, in excess of N400bn, APPNL strives to harness resources at its disposal to unlock tremendous opportunities and leverage its structuring capabilities to maximize profitability, enhance noteholders wealth and value of its managed funds whilst ensuring sustainable social development and preservation of the environment. APP is also a member of the Triple A Consortium (which includes ARC Private Equity and Afrinvest West Africa Limited) that was appointed as one of four independent asset managers selected for the Infrastructure Corporation of Nigeria Limited (InfraCorp). InfraCorp is a world class infrastructure development vehicle set up by the Central Bank of Nigeria (CBN), in conjunction with the Africa Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA) to catalyze and accelerate investment into the Nigeria’s infrastructure sector via creation of a N15 Trillion ($37 Billion) Infrastructure fund to be operated and managed by the appointed independent asset managers.
