The Minister of Information, Lai Mohammed, who stood in for the Minister of Power Works and Housing, Babatunde Fashola, disclosed this to State House correspondents Wednesday.
According to him, the project will reduce accidents on the highway and lost of production time.
He added that the project when completed will enhance movements of petroleum products and agricultural produce.
Mohammed, who spoke on behalf of Minister of Power, Works and Housing, Babatunde Fashola, said when completed, the Ikorodu-Shagamu project will save lives, reduce travel time and operating cost for vehicle operators and commuters.
He said: “The significance of the award of this contract is that it will reduce road accidents and loss of lives.
“Of course, it will reduce travel time and operating cost for transporters and commuters, and more importantly, it will enhance the movement of petroleum and agricultural products and also facilitate other commercial activities.
“If you remember, Mosinmi, the Nigeria National Petroleum Corporation (NNPC) depot is along that line.”