Apapa Gridlock: Dangote Records N25bn Loss In Less Than 2 Years

Dangote Group has lamented that its companies located at the Apapa Port axis lost over N25 billion between 2017 and 2018, due to the congestion at the port caused by gridlock in the axis.

The Group President, Aliko Dangote disclosed this while inspecting the ongoing reconstruction of the Apapa-Oshodi-Toll Gate with the Minister of Works and Housing, Babatunde Fashola during the weekend.

He said “We also operate inside the port. If you look at our income between 2017 and 2018, we lost over N25 billion because of congestion. We are able to produce but we are not able to come out of the port because of congestion of the port resulting from the gridlock in the Apapa axis”.

Apapa Gridlock: Dangote Records N25bn Loss In Less Than 2 Years

Speaking on the project, Dangote noted “Well, you have seen the quality of the road, and as the Minister has said, it will bring a lot of activities back to Apapa when it is completed. You must have seen a lot of containers and trucks all over the place because of the deplorable condition of the road which made a lot of businesses to relocate out of Apapa.

“But with the completion of the road, businesses will return to Apapa. This road will actually open the economy, it will bring a lot of jobs and factories that have moved out to come back, and their businesses will prosper better than before.

Earlier, Fashola assured that the Apapa-Oshodi-Oworonsoki-Ojota highway will be completed in the next 12 months.

The rehabilitation and reconstruction of the road which will cost about N73 billion, according to the Minister, will create multiple employment opportunities.

“All these roads have a completion period of 24 months and we have already spent one year on the road,” he noted.

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