Nigeria’s Lagos gets $1.35 billion deal with Afrexim, Access on investments

LAGOS (Reuters) – Nigeria’s Lagos state has secured a partnership with African Export-Import Bank and Access Bank for an investment of $1.35 billion for infrastructure projects, its governor Babajide Sanwo-Olu said on Tuesday.

Sanwo-Olu said the investment will be used to develop a bridge project, a creek project, and expand its light rail project in Lagos, the largest city in sub-Saharan Africa, with an estimated 20 million population.

Lagos state last year shortlisted a consortium led by Portugal’s builder Mota-Engil and two Chinese ventures to build a $2.5 billion bridge that is expected to relieve severe congestion in the mega-city.

The Fourth Mainland Bridge will be built under a public-private partnership.

“This investment will power our long-term infrastructure projects, demonstrating confidence from international and local partners in our growing economy,” Sanwo-Olu posted on social media platform X.

The state also plans to build an international airport at its Lekki-Epe corridor, with a logistics hub. The Lekki Airport project was originally proposed to open in 2012 but is yet to open as a result of funding difficulties.

(Reporting by MacDonald Dzirutwe; Writing by Chijioke Ohuochal; Editing by Jonathan Oatis)