The deputy governor, Obafemi Hamzat has cited soaring inflation and the depreciating naira as major hurdles delaying the construction of the $2.5 billion Fourth Mainland Bridge project.
Why it matters: The 38-kilometre-long Fourth Mainland Bridge will connect Lagos Island through Langbasa (Lekki) and Baiyeku (Ikorodu) across the Lagos Lagoon to Itamaga in Ikorodu. It was initially proposed in 2006.
Go deeper: Speaking at a media parley, Hamzat explained that the Public-Private Partnership (PPP) arrangement for the bridge is being reevaluated due to financial challenges.
Quote: “The initial budget has tripled, making it difficult for execution. However, the project is on course, and we are back at the negotiation table with contractors to find a way of funding the capital-intensive project,” he said.
