Deutsche Bank shows interest in funding Carter, Third Mainland bridges

Deutsche Bank logo. Photo credit: LSTA

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Deutsche Bank has expressed interest in funding major rehabilitation and replacement works on two of Lagos’ most critical bridges, the Carter Bridge and the Third Mainland Bridge, as the Federal Government intensifies its push to attract private capital for large-scale road infrastructure projects.

The bank’s delegation, led by its Managing Director and Global Co-Head of Structured Trade and Export Finance, Moritz Dornemann, and Chief Country Representative in Nigeria, Andreas Voss, met with the Minister of Works, David Umahi, in Abuja on Tuesday, where they also reaffirmed their interest in further financing of the Lagos-Calabar Coastal Highway.

A statement by the minister’s Special Adviser on Media, Orji Uchenna, on Wednesday said the visit was part of the government’s ongoing efforts to build sustainable partnerships with global financiers to accelerate funding for strategic national projects.

During the meeting, the Deutsche Bank team said the lender was impressed by the Federal Government’s resolve to upgrade ageing transport infrastructure and applauded President Bola Tinubu’s commitment to delivering large-scale road projects capable of boosting national productivity.

They specifically expressed interest in financing the replacement of the Carter Bridge, which is one of Lagos’ oldest and historically significant bridges, and the comprehensive rehabilitation of the underwater elements of the 3rd Mainland Bridge, Africa’s second-longest bridge.

The statement read, “As part of the efforts of the Federal Government of Nigeria towards building partnerships to finance and expedite large-scale road infrastructure development, the Minister of Works, David Umahi, held a meeting with the officials of Deutsche Bank in his office, Federal Ministry of Works, Mabushi, Abuja, on 2nd December 2025.

“In their mission statement, the team from Deutsche Bank, made up of the Managing Director, Global Co-Head of Structured Trade and Export  Finance, Moritz Dornemann and the bank’s Chief Country Representative Nigeria, Andreas Voss, said they came to indicate interest in the funding of the replacement of Carter Bridge, Lagos and the rehabilitation of 3rd Mainland Bridge, Lagos.

“They commended the President for his commitment to the development of large-scale and quality road infrastructure across the nation, which they noted was critical in achieving sustainable economic growth and national prosperity.”

The bank also praised the quality of work being executed by Hitech Construction Ltd on the Lagos-Calabar Coastal Highway, noting that the project’s progress increased their confidence in Nigeria’s infrastructure delivery capacity and expanded their appetite to fund future phases.

Responding, Umahi commended the lender for its growing confidence in Nigeria’s infrastructure programme, revealing that the Lagos-Calabar Coastal Highway had been “oversubscribed by over $100m” by investors.

He confirmed that Deutsche Bank had also indicated interest in evaluating the project cost, which he said the financiers considered undervalued, further strengthening their appetite for participation.

The minister disclosed that Carter Bridge had deteriorated so badly that replacement was now the only viable option, although remedial works were ongoing to preserve its structural integrity.

He said, “Minister of Works commended the team for their commitment to the funding of Lagos-Calabar Coastal Highway project, which he said was oversubscribed by over 100 million Dollars and thanked them for their interest in the evaluation of the cost of the project, which they said was even undervalued.

He added that the 3rd Mainland Bridge, which has undergone several phases of repairs in recent years, had developed severe underwater structural defects, necessitating a comprehensive restoration to extend its lifespan by another 50 years.

“There would be a comprehensive repair of the underwater elements to retain its sustainability for another 50 years,” he said.

Umahi assured the visiting delegation that both projects were progressing through an unbiased procurement process and promised the bank would be carried along once successful bidders emerged.

The engagement signals another phase in the Federal Government’s renewed drive to court reputable global financiers following growing concerns over funding gaps in national road infrastructure, particularly in Lagos, where critical bridges have suffered decades of wear, saltwater corrosion and heavy traffic loads.

The 3rd Mainland Bridge, opened in 1990 during the Ibrahim Babangida administration, is one of Nigeria’s most iconic and economically significant transport corridors, stretching about 11.8 kilometres.

Over the years, the bridge has suffered structural pressure from age, heavy traffic, saltwater corrosion and failed expansion joints. Beginning in 2012, it has undergone several phases of rehabilitation targeting the expansion joints, bearings, deck repairs and asphalt overlay.

In 2020–2021, the Federal Government undertook a major round of repairs lasting months, followed by additional remedial works between 2022 and 2024. Despite these interventions, engineering assessments have repeatedly drawn attention to the underwater piles, some of which have shown signs of deterioration and weakening, prompting government concerns about long-term structural sustainability.

Similarly, the Carter Bridge, originally constructed in 1901 and rebuilt in the 1970s, is one of Lagos’ oldest bridges and historically served as the main link between Lagos Island and the mainland before Eko Bridge and 3rd Mainland Bridge were built.

Because of its age and exposure to harsh coastal conditions, the bridge has struggled with structural fatigue, weakened bearings, overstressed steel components and corrosion.

Although remedial works have been ongoing to preserve its integrity, the government now considers the replacement of Carter Bridge a priority to avert long-term risks.

A business, investment, infrastructure and property correspondent currently with The PUNCH, Aina is a media professional with over three years experience

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