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FG Released N33bn For The Construction Of 2nd Niger Bridge

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A total amount of N33bn has so far been released for the implementation of the second Niger bridge project.

The Managing Director , Nigerian Sovereign Investment Authority, Mr Uche Orji, gave the figure while speaking shortly after an inspection of the project .

Orji visited the site with the Obi of Onitsha, Nnaemeka Achebe , who was accompanied by some of his chiefs. The project which is being handled by Julius Berger Plc was awarded in 2014 by the administration of former President Goodluck Jonathan.

The second Niger bridge project which is estimated to gulp about N220 bn has been experiencing delays as various administrations have paid lip service to the implementation of the project , only showing some efforts towards electioneering periods .

However, Orji expressed optimism that the project would not experience further delay.

He said that the private sector funding for the project was being planned to be raised by 2020 through bond and equity . Orji explained that already, a Presidential Infrastructure Development Fund to be managed by the NSIA had been setup for five critical road and power projects across the country .

He said the PIDF with a seed funding of $650m was targeted to catalyse funding for the second Niger Bridge, Lagos- Ibadan expressway , East – West road , Abuja- Kano road , and Mambilla Hydroelectric Power .

The NSIA boss said that the PIDF would eliminate the risks of project funding , cost variation and completion that hadplagued the development of the nation’ s critical infrastructure assets .

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