The MoU is expected to cost N844 billion in a Public Private Partnership initiative and would be completed in three years.
The MoU, which was signed at the Banquet Hall, Lagos House, Ikeja, is expected to cost N844 billion in a Public Private Partnership initiative and would be completed in three years.
According to the Governor, the 4th Mainland Bridge, has become necessary following the phenomenal growth of the State with a population of over 21 million people, which has in turn increased commercial activities and traffic gridlock.
“This has made it imperative for us to have a 4th Mainland Bridge that will serve as an alternative route to the Eastern axis and decongest traffic in the State,” Ambode said in a statement issued by his Chief Press Secretary, Habib Aruna.
“More importantly this bridge will provide the required transportation compliment to the rapidly growing industrial activities on the Eti-Osa – Lekki – Epe corridor of the State.”
Ambode said the proposed alignment of the Bridge will pass through Lekki, Langbasa and Baiyeiku towns along the shoreline of the Lagos Lagoon estuaries, further running through Igbogbo River Basin and crossing the Lagos Lagoon estuaries to Itamaga Area in Ikorodu.
The alignment will also cross through the Itoikin road and the Ikorodu – Sagamu Road to connect Isawo inward Lagos Ibadan Expressway at Ojodu Berger axis.
“This structure will be a Four-lane dual carriageway with each comprising three lanes and two metres hard shoulder on each side. The bridge will be constructed to have a generous median to allow for both future carriageway expansion and light rail facility. There is no gainsaying the fact that huge benefits will be derived from this project but most importantly, make life more comfortable for Lagosians.
“The Bridge would also accommodate three Toll Plazas which are still being tested from financial point of view and it would serve as a major boost to the actualisation of the Lekki Master Plan,” the Governor said.
Ambode said this is the first time in the history of the state that government will be embarking on the construction of a long-span bridge and expressway without Federal funding, as the project is to be solely funded by the private sector.
The Bridge, among others would accommodate cyclists and pedestrians and feature two service areas as well as additional pedestrian crossing.
The project is to be financed by Africa Finance Corporation, Access Bank and other private investors who have already signified intention to be part of the construction, while Visible Assets Limited would be the coordinating firm.