Nigeria rail project to guzzle up $2.6 billion

Nigeria rail project to guzzle up $2.6 billion : The Vice Chairman, Infrastructure Bank, Mr Jonan Kruger has said that the Lagos light rail project from Marina through Iddo to Agbado will cost about N400 billion (about US2.6 billion) Kruger said  in Lagos that the Redline Light Rail Project, would be funded by the bank and managed by Marina Express Consortium, a consulting firm. He explained that the Redline project would complement the ongoing Blueline rail project and was designed to be funded by the private sector to ease transportation problems in Lagos.

According to Kruger, the bank has entered into negotiation with the Lagos state government to ensure that the project is profitable.

“The Redline is one of the rail lines that Lagos has designed to solve the traffic problems in the state”` he said.

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

Oyinloye said that residents along Ikeja, Agege, Agbada and Ifo could be transported up to Agbado.

He explained that the issues relating to the rights of way had been resolved and that the state government did well to have approached the private sector to help it fund the project.

The Infrastructure Bank, formerly Urban Development Bank, was established in 1992 to support infrastructural development in Nigeria.

Nigeria rail project

Source : starafrica

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