The minister said that the reconstruction would take 36 months.
Lagos officials visited Iwaya on Saturday as part of efforts to tackle environmental degradation.
The market breadth closed positive with 34 gainers against 28 losers.
Meanwhile, investors traded 8.403 billion shares worth N115.501 billion in 115,801 transactions this week.
Mr Umahi, while inspecting the bridge’s underdeck on Wednesday, told journalists that the decision was made in agreement with stakeholders.
The minister reiterated the government’s commitment to prudent spending.
Aradel Holdings and Wema Bank have replaced Conoil and Julius Berger in the NGX 30 Index.
Mr Umahi said the new policy was designed to ensure that contractors demonstrated their commitment to the projects before receiving any financial support.
Julius Berger led the losers’ table.
Mr Wike gave the commendation after inspecting some ongoing projects across the capital territory on Saturday.
