Lagos State Deputy Governor and All Progressives Congress governorship candidate, Obafemi Hamzat, has said the state government will rely on a public-private partnership to finance the proposed Fourth Mainland Bridge, citing the high cost of the project and other major infrastructure commitments.
Hamzat made this known during an interview on Lagos Television on Tuesday, explaining that the state could not independently fund the bridge while simultaneously financing major rail projects without placing considerable pressure on its finances.
He said the bridge project had been designed and its cost assessed, adding that the government was engaging private-sector professionals and prospective investors to develop a sustainable financing arrangement.
“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,” he said.
Hamzat disclosed that the government had received expressions of interest from investors in Portugal, China and other locations, expressing optimism that the discussions would lead to partnerships capable of delivering the project.
According to him, the state is determined to avoid excessive borrowing to finance the bridge because of the potential burden on its finances.
“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.
The deputy governor also identified toll collection as a major consideration in securing private-sector investment, noting that investors would need a reliable means of recovering their investments through revenue generated from the infrastructure.
He argued that discontinuing toll collection on roads could discourage investors who depend on such revenue to recoup their investments.
“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?” Hamzat asked.
He added that some prospective investors had raised concerns about road users’ reluctance to pay tolls, particularly in situations where toll collection had previously been discontinued.
Hamzat said the government was providing investors with traffic data and other relevant information to demonstrate the project’s commercial viability and the need for improved road infrastructure in Lagos.
He stressed that addressing investors’ concerns and establishing a sustainable revenue model would be essential to securing the partnerships required to execute the project.
The proposed Fourth Mainland Bridge is expected to improve connectivity across Lagos and provide an alternative route to ease congestion on existing roads.
However, its delivery will depend on the government’s ability to secure investors and agree on a financing structure that balances commercial returns with the public’s need for accessible transportation.
