TRANSPORTATION: Lagos-Ibadan Rail Project; FG Secures $1.5b Loan.

MINISTER OF TRANSPORT

The Federal Government has secured $1.5 billion from the China Exim Bank to begin work on the Lagos-Ibadan rail line project.

Briefing the Senate Committee on Land Transport, chaired by Gbenga Ashafa, Minister of Transport, Rotimi Amaechi explained that the foundation of the Lagos-Ibadan Segment Two of the Lagos- Kano rail project would be laid before March 31.

He explained that the target of the Federal Government is to begin work from Apapa sea port to Ogun and then to Ibadan.
Explaining further, the Minister said: “In the first quarter of 2017, the foundation of the Lagos-Ibadan Segment Two of the Lagos- Kano rail project will be laid”.

“The implication here is that we will start the Lagos-Ibadan rail line before March 31”.

“Our target is to begin from Apapa sea port down to Ogun and then to Ibadan. 

The counterpart fund is ready but don’t forget that we are borrowing from China. The China Exim Bank is processing it.
 

“Our 15 per cent is ready. The bank has released $1.5 billion”.

“It is also envisaged that Segment Three of the Lagos –Kano Rail Project, which is Kano-Kaduna stretch, as well as the first phase of the coastal railway line (Lagos-Calabar) beginning from Calabar to Port Harcourt with extension to Onne Deep sea port will begin after the conclusion of the negotiation of a financing loan agreement”.

CULLED FROM CITY BUSINESS NEWS