Following a promise made by the Lagos State Government last month, the Memorandum of Understanding (MoU) to kick-start the construction of the 38km 4th Mainland Bridge was signed on May 25th, 2016.
The 4th Mainland bridge will be completed through a Public Private Partnership (PPP) initiative and is expected to cost N844billion. It will be financed by Africa Finance Corporation, Access Bank as well as other private investors who have already signified interest, while Visible Assets Limited will act as the coordinating firm. The new bridge will accommodate three toll plazas, which are still being tested for financial viability. Completion is expected in three years (±2019/2020, depending on when construction starts).
Commenting on the project, Lagos State Governor Akinwunmi Ambode said:
…for the first time in the history of the State, 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.”
“…this bridge will provide the required transportation compliment to the rapidly growing industrial activities on the Eti-Osa – Lekki – Epe corridor of the State.
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. The alignment will also cross through the Itoikin road and the Ikorodu – Sagamu Road to connect Isawo inward Lagos Ibadan Expressway at Ojodu Berger axis.
See the map below for more.
According to Ambode, the Bridge will be made up of eight interchanges to facilitate effective interconnectivity between different parts of the State. It will feature a four-lane dual carriageway with each comprising three lanes and a two metre hard shoulder on each side while giving a generous median for future carriageway expansion and a light rail facility. It will also accommodate cyclists and pedestrians and feature two service areas as well as additional pedestrian crossing.
In his remarks, Executive Chairman of Visible Assets Limited, Mr. Idowu Iluyomade explained that the Bridge would be handed to the Lagos State Government at the end of the concession.
This post first appeared on EstateIntel and was authored by Dolapo Omidire. EstateIntel is a site for analysis and commentary on Nigerian real estate and investment markets.