Lagos State Deputy Governor and All Progressives Congress (APC) governorship candidate, Obafemi Hamzat, has reaffirmed the state government’s commitment to constructing the proposed Fourth Mainland Bridge, saying the project will be financed through a public-private partnership (PPP) rather than government borrowing.
Hamzat disclosed this during an interview on Lagos Television on Tuesday, explaining that the state could not independently finance the bridge alongside major rail projects without placing excessive pressure on its finances.
He said the project had been designed and its cost assessed, while discussions were ongoing with prospective investors to establish a sustainable financing arrangement. He added that private-sector professionals had been engaged to support negotiations and other aspects of the project’s development.
Hamzat described the bridge as a major infrastructure priority but stressed that private investment was necessary because of the significant financial resources required. He disclosed that the state had received expressions of interest from investors in Portugal, China and other countries.
According to him, the government is determined to avoid excessive borrowing, as the financial obligations associated with the bridge could affect the state’s ability to fund other critical infrastructure projects.
The deputy governor identified toll collection as a major consideration in securing private-sector investment, explaining that investors would need a reliable revenue stream to recover their investments.
He said the discontinuation of toll collection on roads could discourage potential investors who depend on toll revenue to earn returns on infrastructure projects.
Hamzat noted that some prospective investors had raised concerns about road users’ reluctance to pay tolls, particularly in situations where toll collection had previously been suspended.
He added that the government was presenting traffic data and other relevant information to demonstrate the bridge’s commercial viability and the growing demand for improved transportation infrastructure in Lagos.
Hamzat said the state would continue engaging prospective investors to address their concerns and establish a partnership arrangement capable of delivering the project without placing an unsustainable financial burden on the government.
The proposed Fourth Mainland Bridge is a major road infrastructure project expected to improve connectivity across Lagos and provide an alternative route to ease traffic congestion on existing roads.
