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.
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.
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.