The 37 kilometers rail project estimated to cost over N100 billion by the Lagos State will be a catalyst for economic prosperity, the Central Bank of Nigeria (CBN) said on Thursday.
The CBN confirmed in October 2021 that it had set aside a N60 billion intervention fund to execute the rail project, out of which N45 billion had been disbursed.
“I’m here with some of my colleagues to do some project monitoring and evaluation,” Yusuf Phillip Yila, Director, Development Finance Department, CBN, said during an inspection in Lagos,
“It is one thing to disburse funds through the bank to the various sectors of the economy, but most importantly, we do monitor and evaluate how those funds are utilised.
“We are impressed with the progress made so far with the Red rail line; we’ve disbursed most of the funds and we look forward to the first quarter of 2023 when the project will be running.
“Most of the work already done is quite impressive, it is a signature project and I look forward to riding the line come Q1 2023.”
According to Yila, Lagos is like a mini Nigeria and the economic nerve center of the nation which is under enormous pressure in the area of transportation and the infrastructure is already over-burdened.
“We can all see how people are just moving into the state and the insecurity in the Northeast and Northwest is not helping matters.”
“So, this will go a long way in bringing relief to residents living in the state and assist Lagos in managing traffic in the metropolis,” he said.
Yila, expressed satisfaction at the pace of work, saying they would be looking forward to full commercial operation of the project by the first quarter of 2023.
“We have been told by the Lagos State Government that all construction will be completed by year-end and commercial operation will commence by first quarter 2023.
Eight stations are being constructed on the Red Line and these will be sited at Oyingbo, Yaba, Mushin, Ikeja, Agege, Iju, and Agbado, while the Oshodi station would be an integrated station that would link with the existing Oshodi interchange.
The Red Line will run on Diesel Multiple Unit (DMU), and the Blue Line would run exclusively on an Electric Multiple Unit (EMU), traversing from Agbado to Marina.