Lagos State Government, has entered into a strategic partnership with Structured Investment Company (STIC), to establish a Standard Trailer Truck Terminal at the Orile-Iganmu axis of Lagos State.
The Director-General, Office of Public Private Partnerships (PPP), Ope George, said the Trailer Truck Park, which will be constructed in three phases, will accommodate about 5,000 trucks at the same time when completed.
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.
His words: “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.