FOURTH MAINLAND BRIDGE TO BE DELIVERED THROUGH PUBLIC-PRIVATE PARTNERSHIP — HAMZAT
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By ‘Balogun Ibrahim
Lagos State Deputy Governor and All Progressives Congress governorship candidate, Obafemi Hamzat, has reiterated the state government’s commitment to delivering the proposed Fourth Mainland Bridge through a public-private partnership (PPP).
Hamzat made this known during an interview on Lagos Television on Tuesday, explaining that the state could not independently finance the bridge alongside major railway projects without putting pressure on its finances.
He said discussions were ongoing with prospective investors, adding that the bridge project had been designed, its cost assessed, and private-sector professionals engaged to support negotiations and other aspects of its development.
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Hamzat described the bridge as a critical infrastructure project but noted that its enormous cost made private-sector participation necessary.
“The Fourth Mainland Bridge is a fantastic project that we must build, but we cannot fund it on our balance sheet and fund rail at the same time. They are both monster projects, so we’ve been talking to investors,” he said.
He disclosed that the state had attracted interest from investors in Portugal, China and other locations, expressing optimism that partnerships would provide a sustainable financing arrangement for the project.
According to him, the government is determined to avoid excessive borrowing to fund the bridge, as doing so could create financial challenges for the state.
“We will build it with partnerships, but it’s also important that we know that it will be expensive and we cannot—we don’t want to borrow to build it because it might be a challenge for us. So that’s why we believe it must be a partnership; it must be a PPP,” he stated.
The deputy governor identified toll collection as a major consideration for prospective investors, explaining that they would need a reliable means of recovering their investments through revenue generated by the infrastructure.
He questioned how investors would recoup their investments if tolls were discontinued on roads developed through private-sector funding.
“When we pay tolls on our road, and we stop it, investors are not going to come. How do they get their money? Return on investments. How will they get it?” Hamzat asked.
He added that some prospective investors had raised concerns about road users’ reluctance to pay tolls, particularly in situations where toll collection had been discontinued.
Hamzat said the state government was presenting traffic data and other relevant information to demonstrate the project’s commercial viability and the need for improved transportation infrastructure across Lagos.
He stressed that addressing investors’ concerns and assuring them of reasonable returns would be essential to securing the partnerships required to execute the project.
The proposed Fourth Mainland Bridge is a major road infrastructure project expected to improve connectivity across Lagos and provide an alternative route to reduce pressure on existing roads.
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