Estimated Reading Time: 1
Lagos State government has said that construction of the proposed 4th Mainland Bridge, a 38-km stretch, connecting Lagos Island by way of Lekki, Langbasa, and Baiyeku towns and across Lagos Lagoon to Itamaga in Ikorodu, is estimated to cost $2.5billion.
Director-General, Office of Public-Private Partnership (PPP), Lagos State, Mr Ope George, revealed this during the ongoing ministerial briefing to commemorate the 2nd Year Anniversary of Governor Babajide Sanwo-Olu led Administration in office, in Alausa, Ikeja.
George further disclosed that the preferred bidder out of the six under-listed bidders of the proposed $2.5billion transaction worth bridge, an initiative of the Lagos State government, is expected to be determined by October, this year as technical processes were ongoing to eliminate every glitch.
The state is at a critical point where glitches have been identified and same were being addressed to finalise processes towards the commencement of the $2.5billion transaction worth project,” the commissioner said.
He also disclosed that other projects also 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 foot of the third mainland bridge, facing the Lagos Lagoon waterfront.
“On works also, is the proposed ring road which is expected to provide alternative traffic resources from Lekki to Ikorodu, Ikeja to Ajah, relieving the 3rd Mainland Bridge of its overstretched capacity. It is a 4 lane carriageway cross-sectional road with permission for Bus Rapid Transit, BRT lane and future road construction.
“Also on work is the crescent island toll road project for the reclamation and development of 150 hectares on a proposed 40-year Design, Finance, Build, Operate, and Maintain (DBFOM) arrangement for a toll road project and a link bridge connecting the Mainland to the proposed crescent Island.