The Preferred Bidder for the much expected Fourth Mainland Bridge, Lagos, will be announced in the third quarter (Q3) of this year.
Special Adviser for Works & Infrastructure to the Lagos State Governor, Engr Aramide Adeyoye, disclosed this in Lagos at the media presentation of the Facts Behind the Figures of 2021 Lagos State Government Budget yesterday.
Aramide disclosed that the state government has so far concluded three out of the six steps in the selection process adding that the last stage will be concluded between the second and third quarter of the year
She stated: “The 3rd Mainland Bridge was constructed well over 30 years ago and we ought to have finished on this Fourth Mainland Bridge.
“One of the things that have not allowed us to close on that is the transparency that we have to show if we are getting funding on a PPP (Public-Private Partnership) basis.
“We started that process in November 2019 when we gave Expression of Interest (EOI) requests and by that way we declared to the whole world that we are going to throw up the field open. That commenced the selection process.
“It is a six steps process, we are in step three of the process. We have seen the EOI, we have seen the analysis, and now we have the fourth process where we clarify and ask questions, and then we are in the process of concluding the process, where you get proposals from people as to all the alternatives.
“Fourth Mainland Bridge is a 38 kilometre road and bridge section starting from Abraham Adesanya (in Lekki-Ajah Express) road all across the lagoon.
“So I am hoping that come before the end of the second or third quarter, between the second and third quarter of this year we would be getting to a financial close where you have your reserve bidder and your preferred bidder.
“And I want to believe with all the transparency that we have shown, there is no reason why this project should not flow.”
Meanwhile the State said it has secured a single digit interest rate funding deal for the Red Rail Line which is scheduled to commence operations by third quarter of next year (Q3’22) along with the Blue Rail Lines.
Speaking on the funding arrangements for the Red Rail line, Commissioner for Economic Planning and Budget, Sam Egube, said: “In terms of the rail project we are basically working with special funds that are available nationally, with first-Tier banks who have thought very deeply about the fact that they only get better if Lagos becomes more efficient, the country as a whole gets better if Lagos become more efficient, and so the country needs to come together through its various corporate and institutional mechanisms to ensure that we are able to get the kind of funding that is cheap enough without breaking anybody’s back in the future.”