Second Niger Bridge to be Concessioned this Year – NSIA

*Records N26.3bn income in 2015

By Ndubuisi Francis in Abuja

The process for the construction of the Second Niger Bridge (2NB) is fully on course with the signing of the concession agreement expected to be consummated in the second half of this year, the Managing Director, Nigerian Sovereign Investment Authority (NSIA),operators of the Nigerian Sovereign Wealth Fund (SWF), Mr. Uche Orji, has disclosed.

Speaking at a media briefing in Abuja weekend, Orji, who rekindled hope that the realisation of the project is still very much alive, noted that having successfully completed Early Works 111 (EW3) of the project in January 2016, coupled with about N17 billion allocation for the project in this year’s budget, engagements towards facilitating financial close had been given further impetus.

Orji noted that once the concession agreement and supporting documents are executed, the project was expected to move to a financial close.

According him, the concession agreement for the Public-Private Partnership (PPP) project was expected to be signed in the second half of 2016.
On investment issues for the bridge, the NSIA chief executive, said in spite of the rather difficult economic and financial environment, there had been sustained interest from investors outside the country.

He stated that an unnamed investor from the Middle East was also willing to be part of the funding, adding that he was excited by the fact that the project is well structured.