Vice Chairman, Infrastructure Bank, Mr Jonan Kruger, has disclosed that the Lagos light rail project from Marina through Iddo to Agbado will cost about N400 billion ($2.5 billion).

Kruger told newsmen in Lagos that the project, tagged Redline Light Rail Project, would be funded by the bank and managed by Marina Express Consortium, a consulting firm. He said that the Redline project would complement the ongoing Blueline rail project. He said that the Redline project was designed to be funded by the private sector to ease transportation problems in Lagos.

Kruger said that the bank has entered into negotiation with the Lagos State Government to ensure that the project was profitable. “The Redline is one of the rail lines that Lagos has designed to solve the traffic problems in the state,” he said.

Mr Adekunle Oyinloye, the Managing Director of the bank, 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 said issues relating to the rights of way have been resolved, adding that the state government did well to have approached the private sector to help in funding the project. The Infrastructure Bank, which was opened in 1992, was initially named Urban Development Bank. The bank was established to bankroll infrastructure development in Nigeria.