Minister of Works, David Umahi, has disclosed that the Lagos Calabar Coastal Highway project was over-subscribed by over $100 million.
He made the disclosure when a Deutsche bank team visited him in Abuja, to express interest in the funding of Lagos Calabar Coastal Highway, Third Mainland Bridge and Carter Bridge in Lagos.
Minister of Works, David Umahi, has disclosed that the Lagos Calabar Coastal Highway project was over-subscribed by over $100 million.
Umahi assured them that the two projects are undergoing a very unbiased procurement process, and they would be carried along as soon as successful bidders emerge.
Earlier, the Managing Director, Global Co-Head of Structured Trade and Export Finance,Moritz Dornemann and the bank’s Chief Country Representative Nigeria, Andreas Voss, indicated interest in the funding of the replacement of Carter Bridge, Lagos and the rehabilitation of 3rd Mainland Bridge,Lagos. as well as Lagos Calabar Coastal Highway
They commended President Bola Ahmed Tinubu for his commitment to the development of large scale and quality road infrastructure across the nation which, they noted, was critical in achieving sustainable economic growth and national prosperity.
They commended Hitech Construction Nigeria Limited for the quality of work on the Lagos-Calabar Coastal Highway project and assured that with the success recorded on the project, the Deutsche Bank was confident in the prospects of the federal government’s agenda on the road network development and would be interested in further funding of the Lagos-Calabar Coastal Highway project. They commended the Federal Ministry of Works for its effectiveness and efficiency in the delivery of the project and other ongoing legacy projects across the nation and expressed willingness to fund successful bidders of the project.
