4th Mainland Bridge now to cost $2.5bn
…as preferred bidder emerges October
The long proposed Fourth Mainland Bridge project in Lagos State is now estimated to cost the wouldbe developers N2.5 billion.
The Lagos State government had in September 2020, announced estimation of $2.2 billion for the construction.
The much talked about bridge is a project of 38 kilometres initiated by the Lagos State government to connect the mainland and island areas of Nigeria’s commercial state.
It is proposed to run through Lekki, Langbasa, and Baiyeku towns and across Lagos lagoon to Itamaga in Ikorodu part. On completion, it would the longest bridge in Africa.
Ope George, director-general, Office of Public Private Partnership ( PPP), Lagos State, who spoke to journalists at the ongoing ministerial briefing marking the second year in office of the Governor Babajide Sanwo- Olu’s administration, said: “The preferred bidder out of the six under-listed bidders of the proposed $2.5 billion bridge is expected to be determined by October, this year.
“The project will be funded under Public Private Partnership (PPP) and is presently undergoing technical processes to eliminate every glitch,” he added.
George further noted that the state government was at a critical point where glitches have been identified and being addressed to finalise processes towards the commencement of the $2.5 billion transaction worth project.
He assured that the state would continue to ensure friendly environment for private sector engagement to thrive in partnership with the government in efforts towards driving development courses in the state.
According to him, one of the iconic projects funded under PPP arrangements include: The Ilubirin Estate which is a public foreshore housing project being built on reclaimed land in Ikoyi Island, Lagos, at the the foot of the third mainland bridge, facing the Lagos Lagoon waterfront.
“Also on housing, are the development of luxury apartments at GRA Ikeja, to replace the Old Lagos Secretariat with multipurpose apartments on 6,2894 sqare metres, Sqm, FBT Coral Estate Limited, a PPP arrangement to reclaim a 775,120Sqm of land for the proposed mixed used development; provisions of cloud infrastructure and web portal for online gathering and registration of real estate agents and transaction — landlord technologies — to regulate the Real Estate sector.
“In addition is the ultramodern hostel facilities in the Lagos State University which is a PPP arrangement, Design, Build Finance, Operate, Maintain and Transfer with construction of 16 blocks of 94 rooms each with 376 beds per block, is estimated to cost about N11billion.