First phase Second Niger Bridge ready in Feb 2022

 

• At the cost of N220 billion.
• Facility to recoup investment in 20 years

The Federal Government has said it will deliver the completed first phase of the Second Niger Bridge on February 28, 2022, at the cost of N220 billion.

Already, the 16 per cent completed bridge has received direct funding totalling N33 billion from the Federal Government under the Presidential Infrastructure Development Fund (PIDF).

Nigerian Sovereign Investment Authority (NSIA) Managing Director and Chief Executive Officer Mr. Uche Orji, gave the completion date and funding figure while addressing reporters on the level of works on the bridge so far.

He stated that the Federal Government, through the Presidential Infrastructure Development Fund (PIDF), has released N33 billion towards the completion of the “bridge section and approach roads”.

Orji said the most critical part of the six-lane bridge, which is the crossings from Asaba to Onitsha, if the parties commit their funds and expertise, will be completed on schedule in 2022 to ease the transportation gridlock on the Asaba-Onitsha corridor linking the West to the Eastern parts of the country and beyond.

He added that the first phase of the three-phase Second Niger Bridge Project would cost N220 billion with funding coming from the government, the NSIA and the private sector.

He said  funding from the private sector will be sourced from both equity and bonds markets.

Orji was optimistic that the bridge, which will be tolled when completed, will recoup the money invested in 20 years.

He noted that NSIA was working closely with the Federal Ministry of Finance and the Federal Ministry of Power, Housing and Works to ensure proper financing and completion of the projects.

Orji noted that the first phase of the bridge under construction comprises “a greenfield construction of an 11.9km, 2×3 lane Greenfield highway connecting Asaba (Delta State) and Onitsha (Anambra State) with approach roads from both ends”.

“The project is vital for the development of the region,” the NSIA boss said.

He said the Authority was pleased with the progress recorded so far on the projects.

“Leveraging the financing model adopted by Government under PIDF, completion-related risks on account of funding have been eliminated, Orji said.

The PIDF programme is an initiative of President Muhammadu Buhari administration designed to facilitate the rapid completion of five key infrastructure projects that have been stalled for years.

The PIDF initiative, Orji noted, “is meant to accelerate the execution of critical and strategic infrastructure projects essential to the rapid growth and modernisation of the economy.”

The projects include the Second Niger Bridge; Lagos-Ibadan Expressway, which involves the rehabilitation, reconstruction and expansion of that corridor. Other projects being undertaken under PIDF are the Mambilla Hydro-Power project; East-West road and Abuja to Kano expressway.

Orji explained further that the funding sources for the PIDF include N585 billion from the Nigerian Federation (Federal, State and Local Governments), N97 billion from NSIA, N1.5 billion from export credit agencies and N372 billion from private investors.

So far, he said N71 billion has been disbursed on the Second Niger Bridge, the Lagos-Ibadan expressway and Abuja-Kano expressway.

Speaking on Lagos-Ibadan expressway, Orji said: “The 127-kilometre highway links the city of Lagos with Ibadan and proceeding onwards to connect the northern region of the country. It is among Africa’s most important roadways.”

On the Abuja – Kano expressway, he said the project entails the modernisation of 370 kilometres of road.  It is a critical part of the A2, which is a main artery within Nigeria’s transportation grid, enabling the movement of people and products from the North to the South and vice versa.

The Mabilla Hydro-Power Project, Orji said, entails a 3050 MW Hydroelectric Power facility located in Sarduana Local Government of Taraba State and the East-West road, is a project that entails the construction of a 30km dual-carriage way, spanning from Oron in Akwa Ibom State through to Calabar in Cross River State.

The road will serve as a transit corridor for the movement of heavy equipment for oil exploration and production in the Chad Basin.