Lagos light rail development to cost N400 billion

Lagos light rail development to cost N400 billion : THE Lagos light rail project being developed by the Lagos state government under the supervisory of the Lagos Metropolitan Area Transport Authority (LAMATA) is set to cost about $2.5 billion (N400 billion).

The Vice-Chairman, Infrastructure Bank Plc, Jonan Kruger, who made this known at a media briefing Tuesday in Lagos, said the Lagos light rail project from Marina through Iddo to Agbado has now reached an advanced stage.

According to Kruger, the project, which is tagged: Redline Light Rail Project would be funded by this bank and managed by a consulting firm of Marina Express Consortium.

He said that the Redline project would complement the ongoing Blueline rail project, adding that the Redline project was designed as a private sector initiative and is aimed to ease transportation problems in Lagos.

The bank’s vice-chairman explained that the bank entered into negotiation with the Lagos State Government to ensure that the project was profitable for investors. “The Redline is one of the projects that Lagos state has designed to solve the traffic problems in the state.”

Managing Director of the bank, Adekunle Oyinloye, said that the Redline would take-off in Marina and join Iddo to meet the Nigerian Railway corridor up to Agbado.

He said that residents along Ikeja, Agege, Agbada and Ifo could be transported up to Agbado to ease transportation problem in the state.

According to him, the issues relating to the rights of way has been resolved, adding that the state government did well to have approached the private sector to help it to fund the project.

The Lagos Light Rail is a light rail system being developed in Lagos state. The system (the first modern rail-based public transport in Sub-Saharan Africa outside of South Africa), is being sponsored by the Lagos Metropolitan Area Transport Authority (LAMATA) and is envisioned to consist eventually of seven lines.

The railway equipment including electric power, signalling, rolling stock, and fare collection equipment will be provided by the private sector under a Concession Contract.

LAMATA is responsible for policy direction, regulation, and infrastructure for the network.

In September 2011, LAMATA announced that it would acquire 255 H5 and H6 model subway trains from the Toronto Transit Commission (TTC).

The H5s and H6s are to be refurbished and converted to standard gauge in the United States before being shipped and put into service on the new Lagos Light Rail’s Blue and Red lines.

In April 2008, the Lagos State Government had approved N70 billion for construction of the Okokomaiko-Iddo-Marina Line, with an estimated completion date of 2011.


Source : ngrguardiannews

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