The 38km project intended to drive economic growth in the state. The plan is for the US$4bn scheme to be built under a public private partnership (PPP) and delivered in three years. The project is to be financed by Africa Finance Corporation, Access Bank and other private investors, with Visible Assets as the coordinating company.
Lagos governor Akinwunmi Ambode said that the need for the bridge had become imperative following phenomenal growth of the state, which has in turn increased commercial activities and traffic gridlock. “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,” he said.
The dual carriageway bridge will be constructed with a generous median to allow for the future addition of additional lanes and light rail.
Ambode added that it would be the first time in the history of the state that the government was embarking on the construction of a long-span bridge and expressway without federal funding, as the project is to be solely funded by the private sector.