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Infrastructure Bank to invest N400billion in Lagos rail project

By on May 1, 2013

Vice Chairman, Infrastructure Bank, Mr Jonan Kruger, yesterday, disclosed that the Lagos light rail project from Marina, through Iddo to Agbado, would cost about N400 billion. The project, tagged ‘Redline Light Rail Project’, would be funded by the bank and managed by Marina Express Consortium, a consulting firm.

According to Kruger, the ‘Redline’ project would complement the on-going ‘Blueline’ rail project. He said the Redline project was designed to be funded by the private sector to ease transportation problems in Lagos. Kruger said the bank had 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 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, Agbado and Ifo could be transported up to Agbado. He said issues relating to the rights of way had been resolved, adding that the state government did well to have approached the private sector to help it to fund 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. Meanwhile, an engineer with Lagos Metropolitan Area Transport Authority (LAMATA) revealed that the first phase of the Lagos light rail project will be ready for commuters’ use by the end of June, this year. The engineer, who preferred anonymity, said: “The work is in three phases.

Phase one is what we are doing presently, which is from the National Theater to Mile 2, and should be completed between June and July, this year, and then people will be able to make use of it.” He explained that the two other phases would commence once the first phase has been completed “The second phase is from Mile 2 to Okokomaiko, which is to commence immediately after the completion of the first phase, at the end of which the third phase, which is from the National Theater to Marina, would commence.

I cannot speculate on the completion time for the entire project, but then I must tell you that it will be sooner than people think,” he added. The engineer who said people should not worry about the locomotive seen along Mile 2 and Orile axis of the rail track , adding, Lagosians should not think that the project is being delayed since it will be delivered sooner than expected.

“There is no cause for alarm about that locomotive there. It is a light rail project that the people asked for and I can assure you, we cannot give something lees. And work is moving, there has never been a time when we stopped working and for the contractors, they are doing the best they could to ensure that the project is delivered for use as soon as possible. They work from 7:30 am to 6:00 pm. So people should stop thinking that the work is being delayed,” he explained.