Chidi Samuel|
The second Niger bridge is expected to be completed by 2020 and so far a total amount of N33bn has been released for the implementation of the project.
The Managing Director, Nigerian Sovereign Investment Authority, Mr. Uche Orji, made the disclosure while speaking with newsmen after an inspection of the project.
Orji toured the site in company of the Obi of Onitsha, Nnaemeka Achebe.
He was confident that the project, which is estimated to gulp about N220bn, would not experience further delay.
According to him, private sector funding for the project was being planned to be raised by 2020 through bond and equity.
He also explained that 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.
The PIDF, with a seed funding of $650m, he said, was targeted to catalyse funding for the Second Niger Bridge, Lagos-Ibadan Expressway, East-West road, Abuja to Kano road, and Mambilla Hydroelectric Power.
Orji said, “The Second Niger Bridge project was conceived to provide an alternative crossing between Asaba and Onitsha within reasonable distance from the current
“It is expected to spur an increase in investments, agriculture and trade particularly with the Onitsha Main Market in the region, due to the improved and quicker access.
“There are three phases of the second Niger bridge. The first one is the 11.9-kilometer bridge connecting Asaba and Onitsha. The entire work is a 44km project.
“The mobilisation for the project was released in August. We are confident that the funding is more stable now and we are looking at a completion date of 2022, it’s a big project.”
The second Niger bridge project, which is being handled by Julius Berger Plc, was awarded in 2014 by the administration of former President Goodluck Jonathan has experienced delays owing to various challenges which had affected its timely completion.