Deutsche Bank has indicated a strong interest in financing substantial rehabilitation and replacement projects for two key bridges in Lagos: the Carter Bridge and the Third Mainland Bridge. This interest coincides with the Federal Government's strategy to attract private investment for large-scale road infrastructure development across Nigeria.

A recent meeting in Abuja involved a delegation from Deutsche Bank, led by Moritz Dornemann, the Managing Director and Global Co-Head of Structured Trade and Export Finance, alongside Andreas Voss, the Chief Country Representative in Nigeria. The discussions included Minister of Works David Umahi, who was informed of the bank's interest in these bridge projects and the Lagos-Calabar Coastal Highway.

According to a statement from the Minister's Special Adviser on Media, Orji Uchenna, the meeting was a continuation of the government's initiative to establish sustainable partnerships with international financiers to accelerate funding for critical national infrastructure projects.

During the discussions, representatives from Deutsche Bank acknowledged the Federal Government's efforts to modernize aging transportation infrastructure. They noted President Bola Tinubu's commitment to implementing large-scale road projects that are deemed essential for improving national productivity.

The bank's focus includes financing the Carter Bridge, one of the oldest bridges in Lagos, and addressing the underwater components of the Third Mainland Bridge, recognized as Africa's second-longest bridge.

The minister's statement outlined that the meeting was part of ongoing efforts by the Federal Government of Nigeria to cultivate partnerships aimed at financing and advancing large-scale road infrastructure projects. The delegation from Deutsche Bank articulated its interest in both the replacement of the Carter Bridge and the rehabilitation of the Third Mainland Bridge.

Additionally, they praised existing work being done by Hitech Construction Ltd on the Lagos-Calabar Coastal Highway, expressing that the project's progress reinforces their confidence in Nigeria's ability to deliver infrastructure projects and increases the likelihood of their involvement in future phases.

Minister Umahi expressed appreciation for the bank’s confidence in Nigeria's infrastructure initiatives and mentioned that the Lagos-Calabar Coastal Highway project had attracted over $100 million in investment interest, suggesting a strong market response.

He also noted that Deutsche Bank was interested in reassessing the project costs, which they perceived as undervalued, strengthening their inclination to engage further.

The condition of the Carter Bridge was described by the minister as having deteriorated significantly, making replacement necessary, although ongoing repairs are aimed at maintaining its structural integrity for the time being.

Minister Umahi highlighted that the Third Mainland Bridge, which has undergone various repairs in recent years, is facing severe underwater structural issues that require comprehensive restoration to ensure its functionality for an additional 50 years.

He assured the bank representatives that both projects would follow a fair procurement process and that the bank would be updated on the selection of successful bidders.

This engagement illustrates the Federal Government's ongoing efforts to attract credible global financiers, addressing the pressing need for funding in national road infrastructure, especially in Lagos, where bridges have suffered from years of wear, saltwater corrosion, and heavy traffic.

The Third Mainland Bridge, inaugurated in 1990, serves as a crucial transport route, spanning approximately 11.8 kilometers. It has experienced age-related structural stresses, including issues from heavy traffic and environmental factors. Despite undergoing various rehabilitation phases since 2012, engineering evaluations continue to raise concerns about the condition of the underwater piles.

Similarly, the Carter Bridge, which dates back to 1901 and was rebuilt in the 1970s, is one of the oldest in Lagos. It has faced challenges related to structural fatigue and deterioration due to its age and coastal exposure. While remedial efforts are ongoing, the government is prioritizing the bridge's replacement to mitigate long-term risks.

Overall, Deutsche Bank's involvement in these projects reflects a significant move towards enhancing vital infrastructure in Lagos, which is essential for accommodating the region's growing population and economic demands.