Governor Oluwarotimi Akeredolu of Ondo state has signed a Memorandum of Understanding (MOU) with the China Railway Construction Company (CRCC), on the Greenfield dual carriage road project in the state.
Akeredolu while signing the agreement in Akure said that the project would improve the economy of the state when completed.
He gave the assurance that the Araromi-Okitipupa-Ondo-Akure Expressway Project, along with the proposed ports in the state would lead to accelerated development especially in commerce and trade.
“As we all know, by the time the ports come to complement this road project, I am sure that the whole state will open up. We look forward to starting it on time.
“If we are successful, we can move from Akure and get back to Ikare and leave to where those taking goods to the north can do so,” he said.
Also, Duo Yisuo, Managing Director, CRCC, said that the 130 km road would be on two phases of 79.5km and 51.2km each, covering the northern to southern part of the state.
He explained that phase I of the project would pass through North West of Ondo, while phase II would interchange through the middle of the state between Ilado-Aye to Atijere, with extension to the sea port.
Yisuo revealed that the road has a 24-month completion period, including a toll gate to generate revenue for repayment of its construction in less than 10 years.
Gbenga Edema, Chairman, Ondo State Oil Producing Area Development Commission (OSOPADEC) also expressed hope that the road would reduce hours of journey from Akure to Lagos.
He added that it would boost the economy of the state especially the southern senatorial district and the riverside communities.
“It will also link the proposed deep sea port. Only God knows the exponential benefits derivable from this project,” he said.