Monday, January 24, 2022
MARKET UPDATE

TheCable

Advertisement

Lagos reviews fourth mainland bridge cost from $2.2bn to $2.5bn

Lagos reviews fourth mainland bridge cost from $2.2bn to $2.5bn
May 20
13:26 2021

The Lagos state government says construction of the proposed fourth mainland bridge is now estimated to cost $2.5 billion.

Ope George, director-general of the state office of public private partnership (PPP), said this during a ministerial briefing to commemorate the second anniversary of Babajide Sanwo-Olu, governor of Lagos, on Wednesday.

The project was proposed in 2006 and a sum of $2.2 billion was earmarked for it in the 2017 Lagos state budget.

The 37.4 kilometre-long bridge is expected to connect Lagos Island through Lekki, Langbasa, and Baiyeku towns and across Lagos Lagoon to Itamaga in Ikorodu.

Advertisement

George also said the preferred bidder for the bridge is expected to be announced in October 2021.

“The preferred bidder out of the six shortlisted bidders of the proposed $2.5 billion bridge is expected to be determined by October,” he said.

“We are currently finalising processes to start the construction of this project. It will be funded under the PPP arrangement.

Advertisement

“The state is at a critical point where glitches have been identified and same are been addressed to finalise processes towards the commencement of the $2.5 billion transactions worth project.”

George assured that the state would continue to ensure a friendly environment for PPP engagemenrs in efforts towards driving development courses in Lagos.

In April 2020, 10 companies, mainly dominated by Chinese firms, were shortlisted to construct the project out of 32 bidders.

Late last year, the federal government said that 795 buildings will be affected in the construction of the fourth mainland bridge instead of the 9,000 structures earlier announced.

Advertisement

The state government, in January 2021, said it will announce the preferred bidder for the construction of the proposed bridge in the third quarter of 2021.

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment