Federal government and Julius Berger Plc have agreed on alternative financing structures for the construction of the Lokoja-Shintaku Bridge in Kogi State.
The agreement was reached during a meeting between the minister of works, David Umahi, the representative of Julius Berger Plc, business development strategist Filipe Nuno Lopes, and the development partners -Deutsche Bank, represented by the director of structured trade and export finance Middle East and Africa, Humaya Harati, and the bank’s chief country representative for Nigeria, Andreas Voss, at the minister’s office in Mabushi, Abuja.
In a statement by his special adviser on media, Barr. Orji Uchenna Orji, the minister, said the step was part of the ministry’s measures to bridge the gap in road infrastructure funding.
He expressed hope that the project target will be accomplished with the firm’s immense financing capacity, relationships, and lengthy records in arranging financing for projects in the African continent.
He stressed the need to streamline the timeline for the procurement process so that construction of the project can start and be completed in record time.
He described the discussion as a credible path to the eventual financing of the project.
In his remarks, Filipe said the project would be moved forward with the certificate of no objection issued by the Bureau of Public Procurement (BPP) to the single-source procurement of the bridge from Julius Berger Plc.