The consortium formed by Africa Finance Corporation (AFC), Access Bank and JP Morgan has recently signed a Memorandum of Understanding (MoU) to commit about N844 billion (US$4.23 billion) for the construction of the 4th Mainland Bridge Public-Private Partnership (PPP) project in Lagos, Nigeria.

The totality of the parts involved in the consortium are Africa Finance Corporation (AFC), Access Bank, JP Morgan, Visible Assets Limited, Hi-tech Construction, Eldorado Nigeria Limited and Julius Berger Plc.

The project will be constructed through a concession contract of 40 years on build, operate, and transfer (BOT) basis. The private party is expected to commence the construction of the bridge this year and it would take around four years for its completion.

With a total length of 38 kilometers, the dual carriage bridge, which comprises three lanes and two meters’ hard shoulder on each side, will be the longest bridge in Africa. Additionally it will have a wide median to allow for both future carriageway expansion and light rail facility.

According to sources, Akinwunmi Ambode, Governor of Lagos State, said:

“Almost thirty years after the delivery of the 3rd Mainland Bridge; the state has experienced phenomenal growth to become a megalopolis – a city-state with a population of over 21 million people. The increase in the state’s population and expanded commercial activity has led to frequent traffic congestion. 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 de-congest traffic in the state. The significance of this bridge will be fully appreciated if we can imagine Lagos of today without the 3rd Mainland Bridge.”