Funding for the project has come from the government’s Future High Streets Fund, which is supporting work to transform the Maid Marian Way area of the city.
A roundabout was turned into a T-junction as part of the Maid Marian Way project in October 2024.
It initially led to complaints from bus company Trentbarton, which said it was causing “significant delays” before the phasing of the traffic lights was changed.
The city council said the artwork was the final phase of the project.
Councillor Linda Woodings, executive member for regional development, growth and transport, said: “Maid Marian Way was previously a run-down, unattractive area of the city – this project has regenerated this area.
“Alicja’s design for the statue reflects the city’s commitment to go green and become carbon neutral, and it feels great to see the legend of Maid Marian represented in this way.”