Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Authority spends N435.4m on second Niger Bridge

27 August 2015, 14:18

Abuja - The Nigerian Sovereign Investment Authority (NSIA) on Wednesday put its total financial commitment into the construction of the Second Niger Bridge at 2.21 million dollars (N435.4 million).

This is contained in a statement made available to newsmen in Abuja by the Special Adviser to the Managing Director, NSIA, Obinna Ihedioha.

According to the statement, the Niger Bridge project is a Public Private Partnership and will be constructed and operated on a Design, Build, Finance, Operate and Transfer basis.

"It is expected that the bridge will be constructed and delivered in 48 months. When completed, the bridge and adjacent roads will have six lanes with three in each direction.

Also read: Jonathan to launch 2nd Niger bridge

"The Project was initially estimated to cost N108 billion, excluding duties and Value Added Tax, but if duties and VAT are included, the Project cost is N117.9 billion," it said.

Giving a breakdown of the amount spent, the statement said 247,005 dollars was spent on the due diligence phase and 1.96 million dollars on the project development phase.

"These services have included work in legal, financial, technical, engineering, environmental, and social impact advisory.

"This was provided by various credible and well-recognised Nigerian and international professional services firms. To date, total consultancy cost has been less than one percent of the estimated project cost.

To ensure effective implementation of the project, NSIA said it had assembled a team of Nigerian and international advisers with proven capabilities and global experience in PPP infrastructure projects.

It stated that the consultants were engaged through a rigorous and competitive procurement process.


Tags nigeria

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...