Lagos State Deputy Governor and All Progressives Congress governorship candidate, Obafemi Hamzat, has reiterated the state government’s determination to deliver 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 fund the bridge and major rail projects simultaneously from its own resources.
He said the government was engaging prospective investors to establish a suitable financing arrangement, adding that the bridge’s design had been completed and its cost assessed.
According to him, private-sector professionals had also been brought in to assist with negotiations and other aspects of the project’s development.
“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,” Hamzat said.
The deputy governor disclosed that potential investors from Portugal, China and other locations had shown interest in the project. He expressed optimism that collaboration with private investors would provide a sustainable way to finance its construction.
“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 said.
Hamzat noted that the government was cautious about taking on additional debt to execute the project, warning that excessive borrowing could put pressure on the state’s finances.
He also pointed to toll collection as a major consideration for investors, explaining that private companies needed a reliable means of recovering the money committed to the project.
“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?” he asked.
Hamzat said some prospective investors had raised concerns about road users’ willingness to pay tolls, particularly in situations where toll collection had previously been stopped.
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He explained that the government was sharing traffic data and other relevant information with interested investors to demonstrate the project’s commercial viability and the need for improved transport infrastructure in Lagos.
The deputy governor added that the state needed to address these concerns and assure investors that their investments in major infrastructure projects would generate sufficient returns.
The proposed Fourth Mainland Bridge is expected to improve connectivity across Lagos and provide an alternative route aimed at reducing pressure on existing roads.