The Federal Government of Nigeria has opened fresh discussions with Deutsche Bank as part of efforts to strengthen partnerships that can finance and accelerate major road and bridge infrastructure across the country.
The Minister of Works, Senator David Umahi, received a high-level team from the bank in his Mabushi–Abuja office on Tuesday.
Barr. Orji Uchenna Orji, Special Adviser on Media to the Minister of Works, made this known in a press release on Wednesday.
Orji noted that the delegation, led by Moritz Dornemann, Managing Director and Global Co-Head of Structured Trade and Export Finance, and Andreas Voss, Chief Country Representative for Nigeria, expressed the bank’s interest in funding two critical Lagos infrastructure projects: the replacement of Carter Bridge and the rehabilitation of the 3rd Mainland Bridge.
According to him, the Deutsche Bank team commended President Bola Ahmed Tinubu, GCFR, for his commitment to developing large-scale, high-quality road infrastructure, describing it as vital to achieving sustainable economic growth and national prosperity.
Orji said: "They also praised Hitech Construction Nigeria Ltd for the quality of work on the Lagos–Calabar Coastal Highway project, adding that its success has strengthened the bank’s confidence in the administration’s Renewed Hope Agenda.
"The delegation further expressed readiness to fund successful bidders on the project.
"In his response, Minister Umahi thanked Deutsche Bank for its commitment, disclosing that the Lagos–Calabar Coastal Highway project had already been oversubscribed by more than $100 million, with independent assessments suggesting that its cost may even be undervalued.
"He emphasised the urgent condition of the Carter Bridge, noting that extensive damage has made its full replacement unavoidable, although remedial works are ongoing to sustain its current integrity.
"On the 3rd Mainland Bridge, Umahi explained that while the structure does not require replacement, severe defects in its underwater elements demand comprehensive repairs to ensure its sustainability for another 50 years.
"Umahi assured the bank that both projects are undergoing a transparent and unbiased procurement process, and pledged that they would be duly briefed once successful bidders emerge."
