Investors’ cold feet frustrating FG’s $8.5m TTP in Enugu as NSC gets projects OBC
Contrary to the earlier announced speed of delivery, there are strong indications that paucity of funds and private investors’ cold-feet to buy in are delaying effective construction of Truck Transit Park (TTP) in Ogbulafor Enugu State, at an estimated cost of $8.5million.
The Federal Government, through the Nigerian Shippers council (NSC), is piloting the scheme across the country.
However, the Executive Secretary of NSC, Hassan Bello, while receiving the Outline Business Case (OBC) at the Infrastructure Concession & Regulatory Commission (ICRC), in Abuja, disclosed that the Public Private Partnership (PPP) project would create over 3,154 jobs when completed.
Checks by Business Hilights showed that efforts to woo private sector investors into the deal are yet to yield good results even though the Enugu State Government had provided 16.1 hectares for the construction of the TTP.
But Shippers’ Council is still hopeful that once the preferred bidder emerges, and approved by the Federal Executive Council, construction work would commence, which is expected to be completed within two years.
NSC revealed that the TTP was processed through the Economic, Recovery, Growth Plan (ERGP) focus labs, adding that of the 160 projects processed through the lab, the TTP accounted for seven, and rated 4-star on the scale of 1-5.
“The Truck Park would be intermodal, integrated, and modern, and constructed in such a way that it would be inter- connected with the train stations, Inland Container Dry Port.
While noting that government is yet to fix the time frame for the concession period, Bello assured that it would be reasonable enough to give investors comfort, to enable them recover their investment and also make profit
Explaining more, he disclosed that the OBC for the Lokoja Truck Transit Park would be submitted to ICRC in the next two weeks, and afterwards, consider other states that have shown interest, including Edo, Sokoto, and Kebbi and a host of others.
Earlier in his remarks, the Acting Director General of ICRC, Engr Chidi Izuwah, decried that Nigeria does not have any truck park facility, a development that has created a huge menace on the federal roads, which are the nation’s economic arteries, and anyone or thing blocking these arteries are blocking circulation of economic activities with severe problems on the economy.
ICRC however, made it clear to prospective investors that modern TTP should have a parking bay, way bridges, hotels, restaurants, gas station, kiosks, mechanic spares, mini fire station, sick bay, security, and cargo tracking facilities.
Industry observers say investors are skeptical in the TTP out of fear of policy summersault by the government.
