CBN provides the funds in tranches for Lagos rail project
By Jeph Ajobaju, Chief Copy Editor
Execution of the Lagos Blue Rail Line from Okokomaiko on the outskirts to the Marina on the Island is being expedited with a N60 billion facility from the Central Bank of Nigeria (CBN) and is billed for launch in 2022.
Some N45 billion has already been disbursed for the project meant to ease transportation in the megacity and its environs where current traffic jams can last hours at a stretch, wasting money and manpower, and polluting the environment.
CBN Development Finance Yussuf Phillip disclosed during his inspection of the Blue Line at the Marina that out of the N60 billion provided, the last tranche of N15 billion is due for disbursement for the 27-km project.
He said other rail lines planned in the state will also be part funded by the CBN, as part of its efforts to help build infrastructure for economic growth nationwide.
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“CBN through some banks (Access Bank, Sterling Bank and Fidelity Bank) has provided funding under this intervention to ensure that Lagos State has the right funding for this project,” Phillip said, per Vanguard reporting.
“The total amount that we have made available for these lines is N60 billion. We have disbursed N45 billion. There is another tranche of N15 billion too. So we can see the progress as it matches the disbursement that we have made so far.
“The Lagos Metropolitan Area Transport Authority (LAMATA) has taken us round and we can see the solid structure that is being built in Marina. We are confident based on what we have been shown that progress has been made.”
Phillip reiterated that infrastructure is a major contributor to economic growth and the CBN is also providing funding for the Red Line and five other lines in Lagos plans to embark on.
LAMATA Managing Director Abimbola Akinoja said the rail line is expected to begin operation in the fourth quarter of 2022 (Q4 2022) with five stations at 98 per cent completion, as part of the Lagos Strategic Transport Master Plan Project.
“This site is the Marina Station called the Blue Line that goes from Okokomaiko to Marina; and as we know, all over the world, we construct rail lines in phases,” she explained.