China Eximbank pledges loan for Phase 1 of Ibadan Circular Road Project (Linked to Record ID#61858)

China Eximbank pledges loan for Phase 1 of Ibadan Circular Road Project In 2017, China Eximbank had reportedly pledged to fund the Ibadan Circular Road.

According to African Newspapers of Nigeria on June 16, 2017, the Oyo State Governor, Senator Abiola Ajimobi, officially flagged off the 32km first phase of the Ibadan Circular Road at Badeku village, off Ibadan-Ife Expressway. The article reports that the project is at no cost to the government.

It will be financed through a facility sourced from China Eximbank by the contractor on a 'Build, Operate and Transfer' arrangement between the contractor, ENL Consortium, and the state government.

ENL Consortium will raise funds to finance it on the basis of build, operate and transfer' as part of the Nigerian government's public-private partnership agreement. The Circular Road which is expected to cost an estimated sum of N70 billion naira.

The 32km first phase of the 110km road starts at the Badeku village will end at Ajanla village on the Lagos-Ibadan Expressway. It is expected to be completed in 18 months as of 2017. The amount of funding is unclear.

According to the Guardian, the Governor of Oyo State, Seyi Makinde, ordered progress to stop on the road on November 1st, 2019, after visiting the site and expressing "disappointment at the level of work done so far on the site, saying he was not satisfied with what he had heard and saw with the level of work done." As of November 4th, 2019, the Executive director of the ENL Consortium, Dr Kemi Jorge, stated the project would be completed in 2022.