Thursday, 6 December 2018

Second Niger Bridge to be completed in 2022 – Uche Orji

N33bn has so far been released for the implementation of the second Niger Bridge project.

The Managing Director, Nigerian Sovereign Investment Authority (NSIA), 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 N220bn, has been experiencing delays owing to various challenges which had affected its timely implementation.

But speaking on the development, Orji expressed optimism that the project, which is estimated to gulp about N220bn, would not experience further delay. He said that 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 set up for five critical road and power projects across the country.

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

According to Orji, the PIDF would eliminate the risks of project funding, cost variation and completion that have plagued the development of the nation’s critical infrastructure assets.

Source: Vanguard

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