…Warns against defaults on deadline
By Olasunkanmi Akoni
The Lagos State Government, under the Public-Private Partnership, PPP, has signed a Build, Operate and Transfer, BOT, agreement with six property developers to construct 8,272 units of hostel in the premises of Lagos State University, LASU, in the next 18 months to be ready in Year 2021.
With the deal, LASU is set to become a residential tertiary institution, 36 years after it was established.
Governor Babajide Sanwo-Olu officially approved the BOT agreement at a short ceremony, held at Lagos House, Marina, Lagos Island.
The construction of six blocks of Hall of Residence under PPP policy will see the concessions run for 35 years.
According to plans, when the developers deliver the projects in 2021, it is expected that 30 per cent of the school’s 26,000 student-population will be served, thereby reducing the pressure resulting from over subscription of privately owned off-campus residences.
After signing the deal late Friday evening, Sanwo-Olu said the development further underscored his administration’s objective of driving up quality output across the State-owned schools through provision of infrastructure critical to facilitating better-quality teaching and learning.
He said: “We have just approved an investment that will not only provide comfort to students but also make positive impact on the future of our youths. If we agree that the youth as tomorrow’s leaders, we should not pay lip service to things that will mentally prepare them for the future. It is only when we make investments like this in citadels of learning, such as Lagos State University and other higher institutions, that we can help the youth activate tomorrow they desire.
“The partnership we just sealed with the six private investors is strategic because it is going to strengthen our capacity as a Government to scale up education quality and bring about improved academic performance of students.
“It will also help LASU in terms of global rating and outlook. We are using this model as a test case, which governments from other parts of the country will come and emulate. I believe we can deliver on this project and set a precedent that will change the course of tertiary education for good.”
Sanwo-Olu told the developers not to default on the agreement deadline nor deviate from the terms of the agreement, stressing that the state government would monitor the development of the Halls of Residence at every stage of their construction to ensure compliance with agreement.