The coming of Lagos 4th mainland bridge seems to becoming to reality as Lagos State Government and a consortium of investors yesterday signed N844 billion deal for the project.
The bridge, which is being constructed under Build, Own and Transfer (BOT), is expected to be completed in three years.
The Federal Government, Governor Akinwunmi Ambode said, is not funding the project, which, according to him, has become imperative following the state’s phenomenal growth, with over 21 million population.
The 38-kilometre bridge will be concessioned for 40 years under the Public private Partnership (PPP) initiative of the government.
The consortia to handle the mega project are Visible Asset Limited, Julius Berger Nigeria Plc, Hi-tech Construction Limited, J.P. Morgan, Eldorado Nigeria Limited, Nigerian Westminster Dredging and Marine, Africa Finance Corporation (AFC) and Access Bank.
It will also accommodate three toll plazas, which are still being tested from the financial point of view to serve as a boost to the actualization of the Lekki Master Plan.
Speaking during the signing of the Memorandum of Understanding (MoU) at the Banquet Hall of Lagos House in Ikeja, Ambode said the increase in commercial activities and traffic gridlock across the metropolis has made it imperative to have a 4th Mainland Bridge that will serve as an alternative route to the Eastern axis and decongest traffic in the State.
He said: “More importantly this bridge will provide the required transportation complement to the rapidly growing industrial activities on the Eti-Osa – Lekki – Epe corridor of the state.”
The governor said the proposed alignment of the bridge would pass through Lekki, Langbasa and Baiyeku along the shoreline of the Lagos Lagoon estuaries, further running through Igbogbo River Basin and crossing the Lagos Lagoon estuaries to Itamaga in Ikorodu.
The alignment will also cross through the Itoikin road and the Ikorodu – Sagamu Road to connect Isawo inward Lagos Ibadan Expressway at Ojodu Berger axis.
He said the bridge would be made up of eight interchanges to facilitate effective inter-connectivity between different parts of the state.
“This structure will be a four-lane dual carriageway with each comprising three lanes and two metres hard shoulder on each side. The bridge will be constructed to have a generous median to allow for both future carriageway expansion and light rail facility. There is no gainsaying the fact that huge benefits will be derived from this project but most importantly, make life more comfortable for Lagosians,” the governor said.
According to the governor, the bridge attests to the confidence the consortia have in the government and the economy.
Expressing optimism that the project would be delivered on a win-win framework for the investors, Ambode said for the first time in the state’s history, it is embarking on the construction of a long-span bridge and expressway without Federal funding.
“I am delighted that this project which has been on the drawing board for quite some time is now set to become a reality. This again, is the continuity with improvement which we promised Lagosians.
“We have started the process with the signing of this MoU which is an expression of the commitment of major stakeholders including the government and the consortium of consultants and investors to the delivery of the project within the scheduled time frame,” the governor said.
The project will be financed by AFC, Access Bank and other private investors. Visible Assets Limited is the coordinating firm.
Visible Assets Limited Executive Chairman Mr. Idowu Iluyomade said the bridge would reduce traffic and provide jobs for Lagosians.
According to him, it will also be an asset that would be handed over to the government at the end of the concession.
Earlier, Commissioner for Works and Infrastructure Ganiyu Johnson said the bridge when completed would utilise state of the art tolling system to ensure free flow of traffic.
