Ads Top

Terms and Conditions of The MoU of Proposed 4th Mainland Bridge [MUST READ]

A consortium of private investors on Wednesday, 25th May, 2016, including the Africa Finance Corporation (AFC), Access Bank and JPMorgan signed to commit about $2.8bn (N844 billion) as the cost of the construction of the long awaited 4th Mainland Bridge, under a Public Private Partnership (PPP) arrangement.
The cost components of the expressway cum bridge as presented by Gerard Horgan of Advanced Engineering Consultants, include a 10-year follow up programme for “structural pavement” repair N5 billion; cost of refurbishment before handing over back to Lagos State government in 2061, N10 billion; five-year refresh programme of work along the route between 2030 and 2061, N19 billion; and annual operating cost, 2021 to 2061 of N20 billion.
Under the PPP arrangement, the investors are expected to commence and complete the construction of the bridge between 2016 and 2021, and then manage and operate it from 2021 to 2061, a period of 40 years, everything being equal.
The Consortium will Toll the bridge during the 40 years period to Recoup their investment, before handing over to Lagos State. The existing free alternative routes are still available to commuter.
The group of private consortium of investors will fund and construct the 4th Mainland Bridge due for completion in 36 months.
The consortium, which agreed to fund and construct the bridge at N844 billion, comprises Visible Asset Limited, Julius Berger Nigeria Plc, Hi-tech Construction Limited, J.P. Morgan, Eldorado Nigeria Limited, Nigerian Westminster Dredging and Marine, Africa Finance Corporation (AFC) and Access Bank.
Designed to cover a distance of 38 kilometres, the project will be constructed under a build, operate and transfer (BOT) concession and the state’s public-private partnership programme for a period of 40 years.
Once completed, the 100% privately funded 4th mainland bridge will become the longest bridge in Africa.
Almost 30 years after 3rd Mainland Bridge was built, Lagos state has experienced phenomenal growth to become a megalopolis with a population of over 21 million.
The increase in the population of the state and expanded commercial activity has led to frequent traffic congestion which has made it imperative for the construction of 4th Mainland Bridge that will serve as an alternative route to the Eastern axis and decongest traffic in the state, according to Lagos State Governor.
The dual carriage expressway/bridge comprising three lanes and two meters’ hard shoulder on each side proposed to be completed within three to five years, will be another major breakthrough in infrastructural development in Lagos, and speaks to the possibility that can be attained with PPP in driving development, especially at the time governments in Nigeria face shrinking oil revenues.
The bridge whose idea was mooted about 14 years, when delivered, would help to redistribute traffic within the Lagos metropolis, such that existing facilities such as Eko Bridge, Carter Bridge and 3rd Mainland Bridge would be greatly relieved of traffic burden.
The propose 38km long 4th Mainland Bridge would pass through Lekki, Langbasa and Baiyeiku towns along the shoreline of the Lagos lagoon estuaries. It will further run through Igbogbo River basin and crossing the Lagos lagoon estuaries to Itamaga area in Ikorodu, crossing the Itoikin road and the Ikorodu-Sagamu Road to connect Isawo inward Lagos-Ibadan Expressway at Ojodu Berger axis.
The bridge would be made up of 8 interchanges to facilitate effective interconnectivity between different parts of Lagos state, with a median to allow for both future carriageway expansion and light rail facility.

No comments:

Shybellmedia. Powered by Blogger.