The Lagos State Government and private investors Wednesday signed a Memorandum of Understanding (MoU) to signal the commencement of the construction of the 38km 4th Mainland Bridge, expected to gulp about N844bn.
The bridge is being constructed under the Build, Own and Transfer (BOT), concession of 40 years under a Public Private Partnership (PPP) initiative of the State Government.
The consortiums to handle different stages of 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.
The Bridge, among others would accommodate cyclists and pedestrians and feature two service areas as well as additional pedestrian crossing.
The Bridge would also accommodate three Toll Plazas which are still being tested from financial point of view and it would serve as a major boost to the actualisation of the Lekki Master Plan.
State Governor, Mr. Akinwunmi Ambode who spoke at the signing of the MoU held at the Banquet Hall, Lagos House, Ikeja, said that the need for the bridge had become imperative following the phenomenal growth of the State with a population of over 21 million people, which has in turn increased commercial activities and traffic gridlock across the metropolis.
“This has made it imperative for us to have a 4th Mainland Bridge that will serve as an alternative route to the Eastern axis and decongest traffic in the State.
“More importantly this bridge will provide the required transportation compliment to the rapidly growing industrial activities on the Eti-Osa – Lekki – Epe corridor of the State,” he said.
He said the proposed alignment of the Bridge will pass through Lekki, Langbasa and Baiyeiku towns along the shoreline of the Lagos Lagoon estuaries, further running through Igbogbo River Basin and crossing the Lagos Lagoon estuaries to Itamaga Area in Ikorodu.