…To commence first phase of fourth mainland bridge, food logistics hub others

The Lagos State Government, yesterday sealed $1.35 billion  deal with Afreximbank to boost infrastructure in the state and increase its Gross Domestic Product (GDP).

At the 2nd Africaribbean Trade and Investment (ACTI ) Forum held in George Town Guyana, Governor of Lagos state, Babajide Sanwo-Olu disclosed that the fund, which is supported by Access Bank Plc would facilitate five major infrastructure projects in the state.

The projects include the commencement of the first phase of the fourth mainland bridge and the development of what he called Omokrik, a huge infrastructure that have been land lock in Lagos because of the crossing over of body of water to have access unto the land

According to him, the state government has also cocluded plans to deploy part of the fund into the construction of the Lekki Airport to open up the entire free trade region.

Sanwo-Olu said: “The first one is the first phase of the fourth mainland bridge that will start from Aja end of Lagos and crossing the water up on to Ikorodu and moving all the way to Lagos-Ibadan expressway.

“The second infrastructure is what we call the Omokrik,  a huge infrastructure that have been land lock in Lagos because of the crossing over of body of water to have access unto the land. This is the new Lagos that we are trying to recreate.

“The third project will be the Lekki Aiport. We have gotten federal government approval and we will be working with a few  partners. For us, we are putting our skill into the game, raising fund and starting with all we needed to do to get it commercially fusioned to the end and that will open up the entire free trade zone region.”

Further, he stated that the fourth project is the commencement of the phase 11of the blueline rail from Marina to Mile two.

Sanwo-Olu also stated that state government would use part of the fund to create a food logistics hub that would help the state attain food sufficiency in the state.

“We are building the largest food logistics hub in the entire sub- saharan Africa and Afreximbank is excited in this and what it does to the economy. Where we do not a space in terms of land, let us create an ecosystem where all from different parts of the country can come to the logistics hub. It is a cold and wet storage , huge on 1.2 square metre of food logistics, which will put us as part of sub national economy.

He assured that these projects would be completed and commissioned before the expiration of its second tenure.

“We will ensure that we will have the ability to carry on these projects concurrently so that before the end of our second tenure which we first stated. We should be ‘breezing the trail to hand over and commission some of these projects before the end of our tenure,” he assured.

Also speaking, the Group Managing Director and Chief Executive Officer of Access Holdings, Herbert Wigwe said the fund is local currency with a very significant tenor to ensure that there is appropriate financing option for  the development of Lagos state

“The whole idea is to deconjest Lagos, improve the infrastructure, to support the generation of increased Internally Generated Revenue (IGR) of Lagos and continue to spur the growth in its GDP.”