Lagos State is seeking private-sector investment to finance the proposed Fourth Mainland Bridge, with Deputy Governor Obafemi Hamzat ruling out funding the project entirely from the state’s resources.
Hamzat said the government was pursuing a public-private partnership arrangement to deliver the bridge while financing other major infrastructure projects, including rail lines.
The All Progressives Congress (APC) governorship candidate disclosed this during an interview on Lagos Television on Tuesday, adding that discussions were ongoing with prospective investors.
He said the bridge had been designed and its cost assessed, while private-sector professionals had been engaged to support negotiations and other aspects of the project.
Hamzat said investors from Portugal, China and other locations had expressed interest, adding that the government was exploring partnerships to avoid excessive borrowing.
According to him, financing the bridge alongside major rail projects from the state’s balance sheet would place considerable pressure on public finances.
He said the government preferred a partnership model because borrowing to fund the project could create financial challenges for the state.
Hamzat also identified toll collection as a major consideration for prospective investors, explaining that they needed assurances that revenue from the bridge would enable them to recover their investments.
He said discontinuing toll collection on roads could discourage investors who depend on user payments to generate returns.
The deputy governor added that the government was presenting traffic data and other relevant information to demonstrate the project’s viability and the need for improved transport infrastructure in Lagos.
He said the state would need to address investors’ concerns and establish a sustainable financing arrangement before proceeding with the project.
The proposed Fourth Mainland Bridge is expected to improve connectivity across Lagos and provide an alternative route to ease pressure on existing roads.
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