Despite its enormous potentials,  Lagos has a huge infrastructural deficit conservatively estimated at $50 billion. Out of this amount, $20 billion (40%) is estimated as the cost for roads and drainages, and related transportation activities cost $9.3 billion.

This was disclosed by the Lagos Commissioner for Works and Infrastructure, Mr Obafemi Hamzat, in a recent lecture entitled: “Roads and bridges as infrastructure: Economic impact in Lagos State,” organised by the Nigerian Institution of Civil Engineers, in Lagos. According to him,  transportation sector constituted the single most dominant area of challenge faced by the state.

“Not only, must the infrastructure be available for its present population of close to 20 million, it must be sufficiently available for the 25 million would-be residents in 2015.

“Investment in road development stimulates economic activities and affects Gross Domestic Product (GDP) directly. It is often suggested that about 12% of national GDP is as a result of transportation said the commissioner.”

Mr Hamzat, in buttressing the importance of the infrastructural drive of the state government, which will open a new vista of opportunity, also revealed that “rebuilding the Lagos Badagry Expressway is the strategic linchpin that will open the vast West African markets to Nigeria and further boost the movement of goods and services within the axis. This will pave way for further sub-regional integration.”

Furthermore, Mr Hamzat disclosed that road construction project had impacted very significantly on property values. The more high quality roads are available in an area, the higher the property value around and by implication the quality of life of the property owners.

“This is a major economic outlook which predisposes to a big boost resulting from the enhanced prosperity of property owners. By implication, the number of middle class is boosted and so is the consumer attitude that results in overall improvement in the economy,” he submitted.