• Saturday, June 22, 2024
businessday logo


Lagos hopeful of $3b private funding for 4th Mainland Bridge – PPP boss

Lagos shortlists 3 bidders for $2.5bn Fourth Mainland Bridge

Ope George, the Special Adviser to the Governor on Public-Private Partnerships (PPP), has revealed that the state government is expecting about $2.5 to $3 billion of private sector funding investment for the fourth (4th) Mainland Bridge.

George made the disclosure during a recent press briefing on the activities of his agency, maintaining that at the centre of each of the PPP projects is the need for residents to get value for money. He equally disclosed that the preferred bidder for the 4th Mainland Bridge project will be announced before year-end.

According to him, plans are in top gear to draw up the proposal for funding of the Lekki Airport. He disclosed that the projection is to have the airport handle at least five million passengers yearly.

Read also: After burning N7.3trillion on petrol subsidies, Buhari admits its futility

He stated further that sometimes the cost of PPP projects fluctuates because of the unstable foreign exchange (Fx).

He stated that the state is hopeful of starting the development of the Lekki Airport next year, adding that when the airport is completed it would take off a lot of burden off the Murtala Muhammed Airport.

According to him, the Lekki Airport will provide an alternative to many residents living along the Lekki-Epe corridor.

George stated that the state government would keep improving on its PPP projects to ensure that the state and its residents continue to get value for money invested by the state for such projects and the residents for money paid for such service.