Deutsche Bank has formally expressed interest in funding major works on two of Lagos State’s most critical bridges. The global financial giant wants to finance the replacement of the Carter Bridge and the rehabilitation of the Third Mainland Bridge.
The bank presented this proposal during a high-level meeting in Abuja on Tuesday. A delegation led by Moritz Dornemann met with the Minister of Works, David Umahi. Dornemann is the bank’s Managing Director of Structured Trade and Export Finance.
This move comes as the Federal Government intensifies its strategy. The administration aims to attract private capital for large-scale national infrastructure projects.
Targeting Critical Infrastructure
During the discussions, the Deutsche Bank team commended the Federal Government. They praised the resolve to upgrade Nigeria’s aging transport network.
Specifically, the bank indicated a willingness to finance two major interventions:
- Carter Bridge Replacement: Identified as one of Lagos’ oldest bridges, the structure is now due for total replacement rather than repair.
- Third Mainland Bridge Rehabilitation: The bank proposes funding the comprehensive restoration of underwater components. This will ensure the long-term stability of Africa’s second-longest bridge.
Orji Uchenna, the Minister’s Special Adviser on Media, confirmed the visit. He stated that this is part of the government’s drive to build sustainable partnerships with global financiers.
The State of the Bridges
Minister Umahi provided a grim assessment of the infrastructure during the meeting.
He disclosed that the Carter Bridge has deteriorated significantly. Consequently, replacement is the only viable option. While remedial works are ongoing to preserve its integrity, the government views full replacement as a priority to avert long-term safety risks.
Regarding the Third Mainland Bridge, the Minister highlighted severe defects. Despite recent surface repairs between 2020 and 2024, engineering assessments show that underwater piles are deteriorating.
“There would be a comprehensive repair of the underwater elements to retain its sustainability for another 50 years,” Umahi stated.
Confidence in the Coastal Highway
The discussions also touched on the ongoing Lagos-Calabar Coastal Highway. The Deutsche Bank delegation praised the quality of work executed by Hitech Construction Ltd.
In response, Umahi revealed that the Coastal Highway project is financially robust. He described it as “oversubscribed by over $100 million” by investors.
Furthermore, he confirmed that Deutsche Bank expressed interest in evaluating the project’s cost. The financiers reportedly consider the project undervalued and are keen on funding future phases.
The Minister assured the delegation that all projects follow an unbiased procurement process. He promised to engage the bank once successful bidders emerge.
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