Nigeria’s flagship Lagos-Calabar Coastal Highway has attracted overwhelming investor confidence, recording an oversubscription of more than $100 million, even as Deutsche Bank signalled strong interest in financing major Lagos bridge projects, including the replacement of Carter Bridge and the rehabilitation of the 3rd Mainland Bridge, it has emerged.

This followed the outcome of a Tuesday meeting between the Minister of Works, David Umahi, and a high-level delegation from Deutsche Bank 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 the minister’s media adviser, Uchenna Orji, in a statement on Wednesday, the engagement forms part of the Federal Government’s push to secure strategic financing partnerships to speed up large-scale national infrastructure delivery.

Umahi told the visitors that Carter Bridge had deteriorated beyond routine repairs and required outright replacement, adding that ongoing remedial works were merely to maintain structural stability pending full reconstruction.

On the 3rd Mainland Bridge, he explained that although the structure would not be replaced, a comprehensive repair of its severely compromised underwater elements was essential to keep the bridge serviceable for at least another fifty years.

He welcomed the bank’s interest in the projects and assured them that procurement for both bridges remained fully transparent.

Umahi also pledged that Deutsche Bank would be duly engaged once the bidding process produces successful contractors.

Speaking during the meeting, Voss said the delegation was in Nigeria to formally express the bank’s readiness to finance the Carter Bridge replacement and the rehabilitation of the 3rd Mainland Bridge.

He praised President Bola Tinubu for prioritising modern, large-scale road infrastructure, describing it as vital to long-term economic growth and national competitiveness.

The delegation also highlighted the quality of work being delivered by Hitech Construction Nigeria Limited on the Lagos-Calabar Coastal Highway, noting that the project’s rapid progress had strengthened Deutsche Bank’s confidence in the Federal Government’s Renewed Hope Agenda for road development.

They affirmed the bank’s willingness to support additional funding needs for the Coastal Highway as the project advances.

The team further acknowledged the efficiency of the Federal Ministry of Works in managing both the coastal highway and other major legacy projects nationwide, adding that they were open to partnering with whichever contractors emerge from the ongoing procurement process. (The Nation)