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Infrastructure Bank, METSL to construct Lagos metro rail

By BusinessNews Staff on May 25, 2015

The Marina Express Train Service Limited is to collaborate with the Infrastructure Bank to construct the proposed Lagos Metro Rail Transit otherwise called the Red Line project.

The Minister of Transport, Senator Idris Umar, said this in Abuja at the ceding and handover of the Right of Way for the Iddo-Agbado corridor for the proposed rail line.

The proposed Lagos State Mass Transit Train will operate within the Lagos metropolis, according to a report by the News Agency of Nigeria.

Umar said this would significantly speed up the growth and development of Lagos and Ogun states economically.

He said the project would address the transportation problems in Lagos, the commercial nerve centre of the country, with estimated 20 million people.

Umar called for the collaboration of the private sector with other states of the federation to facilitate infrastructure development in the country.

“The royalties due to the Nigerian Railway Corporation arising from the use of the corridor by the Lagos State Government over the life of the project shall be valued.

“It shall be converted to Federal Government equity in the consortium that will implement and manage the project over the concession period. As such, the Federal Government’s participation will provide the needed impetus for follow up on investors and is a major investment showcase for Nigeria’s economy to global investment community.’’

He expressed delight with the request by Lagos State Government for the Federal Government to release the eastern section of the existing NRC Right of Way in Lagos.

[Punch]

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