In a significant boost to Nigeria’s infrastructural development ambitions, Deutsche Bank is exploring opportunities to provide funding for the rehabilitation of the Carter bridge in Lagos and the Lagos-Calabar Coastal highway.
Officials of the bank disclosed their interest in the project during a visit to the David Umahi, minister of works in Abuja.
The bank team led by Moritz Dornemann, Managing Director, Global Co-Head of Structured Trade and Export Finance, and Andreas Voss, the bank’s Chief Country Representative Nigeria, commended the President Tinubu-led administration for its commitment to the development of large scale and quality road infrastructure across the nation.
Read also: Coastal highway to be opened to traffic in December – Umahi
In a statement issued to journalists on Wednesday, the bank commended Hitech Construction Nig Ltd for the quality of work on the Lagos-Calabar Coastal Highway project and assured that with the success recorded on the project, the Deutsche Bank was confident in the prospects of the government on the road network development and would be interested in further funding of the Lagos-Calabar Coastal Highway project.
The highway spans approximately 700-750 km, connecting Lagos State to Cross River State. It passes through nine states: Lagos, Ogun, Ondo, Delta, Edo, Bayelsa, Rivers, Akwa Ibom, and Cross River.
The project, upon completion is expected to foster economic growth by facilitating the movement of goods and services, stimulating interstate commerce, and creating employment opportunities.
In his response, Umahi, Minister of Works noted that the Lagos-Calabar Coastal Highway project was over subscribed by over $100m.
He also explained that Carter Bridge was badly damaged and needed a replacement. The bridge according to Umahi is undergoing remedial works to sustain its integrity pending when a replacement is carried out.
He further said, “the underwater elements of 3rd Mainland Bridge have severe defects, although the bridge would not be replaced, there would be a comprehensive repair of the underwater elements to retain its sustainability for another 50 years.”
He assured them that the two projects are undergoing a very unbiased procurement process, and they would be carried along as soon as successful bidders emerge.
