Deutsche Bank Eyes Funding For Lagos Bridge, Coastal Highway Projects
A German Bank, Deutsche Bank, has expressed interest in funding critical road and bridge projects in Lagos and along the Lagos-Calabar Coastal Highway.
The bank expressed its readiness to fund the projects during a meeting with the Minister of Works, Senator Nweze David Umahi.
A statement issued by Umahi’s Special Adviser (Media), Barrister Orji Uchenna Orji, in Abuja on Wednesday, said the bank’s Managing Director and Global Co-Head of Structured Trade and Export Finance, Moritz Dornemann, and Chief Country Representative for Nigeria, Andreas Voss, led the team to the ministry.
The statement quoted the representatives of the bank as signalling the bank’s readiness to invest in the replacement of the ageing Carter Bridge and the rehabilitation of the underwater components of the 3rd Mainland Bridge.
The bank’s officials described both bridges as vital national assets whose current conditions require urgent intervention to preserve mobility, economic activity and long-term structural safety.
They also commended President Bola Ahmed Tinubu’s prioritisation of large-scale transport infrastructure under the Renewed Hope Agenda, noting that such ambitious investments form the backbone of sustainable economic growth.
They further applauded the quality of work delivered by Hitech Construction Nigeria Ltd on the Lagos-Calabar Coastal Highway, stating that the project’s execution has boosted the bank’s confidence.
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They affirmed Deutsche Bank’s willingness to support qualified contractors once the ongoing procurement process for additional phases is concluded.
Responding, Umahi welcomed the bank’s interest, revealing that the coastal highway project has already attracted investment commitments of over $100 million.
He added that Deutsche Bank’s independent assessment of the project cost aligns with the Ministry’s position that it is “undervalued.”
The minister disclosed that the Carter Bridge has suffered extensive structural damage, making full replacement unavoidable.
Umahi assured the visiting team that the government is committed to a transparent procurement process and that Deutsche Bank will be formally engaged once successful bidders are selected.
