Lagos Blue, Red rail lines infrastructure ready Q4 2022

Speaking during the visit of officials of the Central Bank of Nigeria (CBN) and a consortium of commercial banks funding the completion of the first phases of the two rail lines projects, Mrs Akinajo stated that the two projects had achieved a completion rate of over 60 per cent, noting that the project delivery date was still on target.

On the security of the rail infrastructure and passengers, she said the government was already engaging the Police to have a dedicated Rail Transport Police and other security agencies to ensure that any infractions can be picked up and dealt with timeously to prevent harm to the system and people.

“We would also have cameras around all our stations to pick up any strange activities. It is a multifaceted approach we are taking to security to ensure the security of our people as well as our infrastructure,” Mrs Akinajo stated.

In his assessment of the state of the two rail lines, CBN’s Director, Development Finance, Mr Yila Philip Yusuf, said “we are impressed by what my colleagues and I have seen.

There has been much progress from what we saw last year. Most importantly I am impressed with the number of jobs that have been created for Nigerians.”

He described the infrastructure being provided as” world-class,” adding “sometimes next year, we would come and take a ride and I hope many more states would take a cue from what Lagos State Government is doing to create modal options for the people as well as provide jobs.”

Under its Differentiated Cash Reserve Requirement (DCRR), the CBN pooled together six commercial banks to provide funding for the completion of the first phases of the Blue and Red Rail line projects. Under this Programme, Deposit Money Banks (DMBs) may request from the CBN, a release of funds under their CRR to finance the eligible projects subject to DMBs providing evidence that the funds shall be directed at the projects approved by the CBN.

Under the scheme First Bank of Nigeria Plc, Zenith Bank and UBA are providing funding for the Red Line while Sterling Bank, Access Bank and Fidelity Bank are funding the Blue line.

Source: The Sun

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