The Infrastructure Concession Regulatory Commission says the federal government will generate N28.1bn from the 20-year concession of the Central Workshop Ijora.
In a statement on Thursday, the Head of Media and Publicity, Manji Yarling, said the workshop was used for the maintenance of vehicles, sewage treatment plants, and water supply equipment during the colonial era.
According to her, the concession will adopt a Rehabilitate-Operate-Maintain-Transfer PPP model to upgrade the Central Workshop till its functions are realised.
She said the project, an unsolicited (Privately Initiated Infrastructure Proposals) by Beta Transport Nigeria Limited is domiciled under the Federal Ministry of Works.
The statement read, “The Federal Executive Council has approved the concession of the Central Workshop Ijora to a private sector firm for rehabilitation and optimal operation under the regulatory guidance of the Infrastructure Concession Regulatory Commission.
“The concession which will adopt a Rehabilitate-Operate-Maintain-Transfer PPP model seeks to upgrade the Central Workshop to ensure its functions are realised.
“With the Federal Ministry of Works as Grantor, the project which is an unsolicited project (Privately Initiated Infrastructure Proposals – PIIP) by, Beta Transport Nigeria Limited is expected to generate N 28.1bn within a 20-year concession period.
Yarling said with the approval by FEC, the concessionaire will ensure that productive and professional work will be carried out in the workshop in line with standard guidelines and operating procedures via the provision of modern equipment.
The statement added, “The Central Workshop, Ijora, Lagos was an appendage of the defunct Public Works Department. The PWD was the agency of the Colonial Government responsible for building and maintaining government buildings and property, roads, rail tracks, bridges, harbours and aerodromes. During the colonial era, the Workshop was used for the maintenance of vehicles, sewage treatment plants, and water supply equipment.