Lagos State Government on Tuesday said the proposed Fourth Mainland Bridge will gulp $2.5 billion under the Public-Private Partnership (PPP) agreement.
Director-General, Lagos Office of PPP, Ope George disclosed this at a news conference to mark the second year of Governor Babajide Sanwo-Olu in office, held in Alausa, Ikeja.
He said a successful bidder for the Fourth Mainland bridge is expected to be determined by October in the 3rd quarter of 2021.
George said the project was currently being contested among six bidders, saying that the state was at a critical point where glitches had been identified and that same were being addressed to finalise processes towards the commencement of the $2.5 billion transactions worth project.
According to him, the State would continue to ensure friendly environment for private sector engagement to thrive in partnership with the government in efforts towards driving development courses in the State.
On the Ilubirin Estate, George disclosed that the project would gulp N160 billion, saying that the project is a public foreshore housing project being built on reclaimed land in Ikoyi Island, Lagos, at the foot of the third mainland bridge, facing the Lagos Lagoon waterfront.
The Director-General disclosed that luxury apartments were being developed at the GRA Ikeja, the State Capital, with multipurpose apartments on 6,2894sq.m within the Old Secretariat; FBT Coral Estate Limited, a PPP arrangement to reclaim a 775,120Sqm of land for the proposed mixed-used development; provisions of cloud infrastructure and web portal for online gathering and registration of real estate agents and transaction, among others.
In addition, George said the Ultra-modern Hostel facilities at the Lagos State University which is a PPP arrangement to Design, Build Finance, Operate, Maintain and Transfer Construction of 16 Blocks of 94 rooms each with 376 beds per block, would cost about N11 billion.
Credit: PM News