Ondo state government has signed a memorandum of understanding with the China Railway Construction Company international for the construction of a dual carriage road from Araromi-Okitipupa-Ondo-Akure expressway project.
Speaking during the signing, Governor Oluwarotimi Akeredolu assured the people that the Greenfield dual carriage road project would improve the economy of the state in no small way when it is completed.
The road project will have two toll gates when completed and would generate about 18 billion naira annually into the state.
The memorandum of understanding being signed by the State government and the China railway construction company international is another commitment of the present administration passion to open up the state and maximize her economic potentials that will bring about development.
Addressing the gathering, governor Oluwarotimi Akeredolu expressed confidence that the state would witness accelerated growth when the project is completed and will compliment the proposed Ports of Ondo.
Akeredolu noted that if the project is successful then goods and services can move from Akure and get back to Ikare and also move to where those taking goods to the north and other parts of the country can do so.
Earlier in his presentation, Managing Director, China Railway Construction Company (CRCC), Mr Duo Yisuo, said the 130 km road would be on two phases of 79.5km and 51.2km from the North to the South within the state.
Yisuo explained that phase I will passed through northwest of Ondo, while phase II will interchanged through the middle of the state between Ilado-Aye to Atijere with the extension to the sea port and would have a-24 month construction period.
Also, the Special Adviser to the Governor on Business Development and vice Chairman Ondo State Investment and Promotion Agency (ONDIPA), Mr Boye Oyewumi, said the project would complement the state’s aviation traffic and would also bring people to Lagos within about one and a half hours.
In the same vein, Chairman, Ondo State Oil Producing Area Development Commission (OSOPADEC), Gbenga Edema, said the road would shorten the length of time from Akure to Lagos and would boost the economy of the state especially the Southern Senatorial District.
The project will cost about 158 billion naira, and the state government is expected to provide 15-20%, while the financial institutions will provide 80-85% to finance it.