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By Daniel Adaji
Deutsche Bank has indicated strong interest in financing major Lagos bridge projects, including the rehabilitation of the Third Mainland Bridge and the replacement of Carter Bridge.
Special Adviser to the Minister of Works, Orji Uchenna disclosed this in a statement on Wednesday.
This is following a meeting with the Minister of Works, Sen. Nweze Umahi, in Abuja on Tuesday.
The delegation led by Moritz Dornemann, Managing Director and Global Co-Head of Structured Trade and Export Finance, and Andreas Voss, the bank’s Chief Country Representative in Nigeria, said they were in the country to express readiness to support critical national infrastructure.
They informed the minister that they came “to indicate interest in the funding of the replacement of Carter Bridge, Lagos and the rehabilitation of 3rd Mainland Bridge, Lagos.”
According to them, President Bola Tinubu’s push for large-scale, quality road infrastructure has given investors confidence in Nigeria’s long-term economic direction.
They commended “His Excellency Bola Ahmed Tinubu GCFR, for his commitment to the development of large scale and quality road infrastructure across the nation which they noted was critical in achieving sustainable economic growth and national prosperity.”
The team also praised Hitech Construction Nig. Ltd for the progress on the Lagos-Calabar Coastal Highway and said “with the success recorded on the project, the Deutsche Bank was confident in the prospects of the Renewed Hope Agenda on the road network development and would be interested in further funding of the Lagos-Calabar Coastal Highway project.”
They also praised the Federal Ministry of Works for “their effectiveness and efficiency in the delivery of the project and other ongoing legacy projects across the nation,” adding that they were willing to fund successful bidders.
Umahi welcomed the bank’s commitment and noted that the Lagos-Calabar Coastal Highway project had already attracted significant investor interest.
He said he appreciated their dedication to the initiative, stressing that the project “was over subscribed by over 100m Dollars” and thanked them for their assessment of the project’s cost, “which they said was even undervalued.”
On Lagos’ aging bridges, he noted the urgency. On Carter Bridge, he said it “was so badly damaged that it needed a replacement,” adding that ongoing remedial works were merely sustaining its integrity pending full reconstruction.
For the Third Mainland Bridge, he acknowledged that “the underwater elements… have severe defects,” but clarified that the structure would not be replaced. Instead, he said “there would be a comprehensive repair of the underwater elements to retain its sustainability for another 50 years.”
Umahi assured the delegation that the procurement processes for both projects were transparent and progressing steadily. He told them the two projects “are undergoing a very unbiased procurement process, and they would be carried along as soon as successful bidders emerge.”