Nigeria's Lagos state has entered into a significant agreement with the African Export-Import Bank and Access Bank, securing a substantial investment of $1.35 billion for various infrastructure projects. Governor Babajide Sanwo-Olu announced this development on Tuesday.
According to Sanwo-Olu, the allocated funds will be utilized for the advancement of a bridge project, a creek project, and the expansion of the light rail project in Lagos, which happens to be the largest city in sub-Saharan Africa.
In the previous year, Lagos state had shortlisted a consortium led by Mota-Engil, a construction company from Portugal, along with two Chinese ventures, to construct a $2.5 billion bridge. The purpose of this bridge is to alleviate the severe traffic congestion experienced in the mega-city. The construction of the Fourth Mainland Bridge will be carried out through a public-private partnership.
Additionally, the state has outlined plans to construct an international airport in the Lekki-Epe corridor, complete with a logistics hub. The Lekki Airport project was initially proposed to open in 2012 but has faced challenges in securing adequate funding, resulting in its delayed opening.
By securing this substantial investment, Lagos state aims to enhance its infrastructure and facilitate economic growth. This development holds great significance for Nigeria and highlights the commitment of key stakeholders to support the country's development initiatives.
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