Governor Akinwunmi Ambode alongside a consortium of private investors on 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, which is geared towards economic growth in the State, is expected to gulp N844billion in a Public Private Partnership (PPP) initiative and would be delivered in three years.
Speaking at the signing of the MoU held at the Banquet Hall, Lagos House, Ikeja, State Governor, Mr. Akinwunmi Ambode, 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.
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.
“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,” Ambode added.
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.
The governor said 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.
He said the Bridge would be made up of eight interchanges to facilitate effective inter-connectivity between different parts of the State.
“This structure will be a four-lane dual carriageway with each comprising three lanes and two metres hard shoulder on each side. The bridge will be constructed to have a generous median to allow for both future carriageway expansion and light rail facility. There is no gainsaying the fact that huge benefits will be derived from this project but most importantly, make life more comfortable for Lagosians,” he said.
According to the governor, the Bridge testifies to the confidence the partners in the project have in the State Government and the Nigerian economy.