*Commences operation in Q4’22
By Theodore Opara & Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, said it has set aside N60 billion intervention fund to execute the Lagos State Blue Rail Line project, out of which N45 billion has already been disbursed.
Director, Development Finance, CBN, Yussuf Phillip, disclosed this yesterday, at the inspection of the Blue Rail Line Project in Marina, Lagos, adding that another tranche of N15 billion is due for disbursement for the 27 kilometers rail project which runs from Okokmaiko to Marina.
He stated: “CBN through some banks (Access Bank, Sterling Bank and Fidelity Bank) have provided funding under this intervention to ensure that Lagos State has the right funding for this project.
“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 stressed that infrastructure is a major contributor to economic growth and that CBN is funding not only the blue line, but also providing funding for the red line and the five other lines that Lagos State planned to embark on.
Giving details of the project, Managing Director, LAMATA, Engr. Abimbola Akinoja, said that the rail line will commence operation in the fourth quarter of next year (Q4’22) with 5 stations which are 98 per cent done.
She stated: “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.”