Nigeria’s flagship Lagos-Calabar Coastal Highway has attracted overwhelming investor interest, recording an oversubscription exceeding $100 million, while Deutsche Bank has signalled readiness to fund major Lagos bridge projects, including the replacement of Carter Bridge and the rehabilitation of the 3rd Mainland Bridge.
The development followed a Tuesday meeting between the Minister of Works, David Umahi, and a high-level Deutsche Bank delegation led by Moritz Dorneman, Managing Director and Global Co-Head of Structured Trade and Export Finance, and Andreas Voss, the bank’s Chief Country Representative in Nigeria.
According to Umahi’s media adviser, Uchenna Orji, the engagement is part of the Federal Government’s strategy to secure strategic financing partnerships for rapid delivery of large-scale infrastructure.
Speaking at the meeting, Umahi stated that Carter Bridge had deteriorated beyond routine repairs and required full replacement, adding that ongoing remedial works were only temporary measures to maintain structural stability.
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On the 3rd Mainland Bridge, the minister said a complete replacement was unnecessary, but comprehensive repairs to the severely compromised underwater elements were critical to extend the bridge’s service life by at least 50 years. He assured the delegation that procurement processes for both bridges would remain fully transparent and pledged Deutsche Bank’s involvement once contractors are selected.
Voss, representing the bank, said the delegation came to formally express Deutsche Bank’s readiness to finance the Carter Bridge replacement and the 3rd Mainland Bridge rehabilitation. He lauded President Bola Tinubu for prioritising modern, large-scale road infrastructure, stressing its importance for long-term economic growth and national competitiveness.
The delegation also praised Hitech Construction Nigeria Limited for its quality work on the Lagos-Calabar Coastal Highway, noting that the project’s rapid progress had reinforced Deutsche Bank’s confidence in the Federal Government’s Renewed Hope Agenda for road development.
Deutsche Bank confirmed its willingness to support additional funding for the Coastal Highway and expressed readiness to partner with whichever contractors emerge from the ongoing procurement process, commending the Federal Ministry of Works for its efficient management of major national infrastructure projects.
