Thursday, May 30, 2024

Lagos Blue Rail Line Phase 2 Gets Green Light From Financiers

Financing for the second phase of the Lagos Rail Mass Transit (LRMT) Blue Line has received the nod of African Export Import Bank (Afreximbank) and Access Bank, who are jointly providing funding for its completion.

Afreximbank’s Abuja Regional Chief Operating officer, Mr. Eric Intong and his Access Bank counterpart Mr. Lookman Martins, today, jointly visited the project site to evaluate its potential.

The banks expressed their satisfaction with the plan for the project, and it is expected that construction activities on the project will go upbeat in the coming weeks.

Paperwork for the project are being finalized and may be signed by the parties Lagos State Government in the coming weeks.

Recall that the Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu signed the contract for the second phase of the rail line during its launch performed by former President, Muhammadu Buhari on 24th January 2023.

The Blue Line Phase two, which spans 14 kilometres from Mile 2 to Okokomaiko, is expected to significantly improve transportation in Lagos.

It will provide a faster and more convenient way for residents to travel from the Island to the mainland and vice versa.

The delegation was joined by the Commissioner for Finance, Mr. Yemi Oluyemi, Commissioner for Transportation, Hon. Oluwaseun Osiyemi, Permanent secretary Debt Monitoring Office, Mrs. Sanusi Alake and Director of Rail Transport, Engr. Olasukanmi Okusaga.

On completion, the Blue Line is expected to move more than 450,000 passengers daily.

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