CBN supports Lagos blue line rail project with N60b

The Central Bank of Nigeria (CBN) has disclosed that it supported the Lagos State Blue railway line project with N60 billion to facilitate ease of business and passengers’ movement in the state.

The Central Bank of Nigeria (CBN) has disclosed that it supported the Lagos State Blue railway line project with N60 billion to facilitate ease of business and passengers’ movement in the state.
   
The Director, Development and Finance, CBN, Mr Phillip Yusuf, made the disclosure during an Inspection of the Blue Rail Line, held in collaboration with the Lagos Metropolitan Area Transport Authority (LAMATA) at Marina, Lagos.
 
According to him, this is one of the projects the apex bank and some deposit money banks are supporting under its N1trillion DCR Intervention.

“The total amount that we have made available for this line is N60billion. We have disbursed N45 billion; there is another tranche of N15 billion due. So, we can see the progress matches the disbursement that have been made so far. This is just one of the many projects under the DCR Intervention,’’ he said.

Yusuf expressed satisfaction over work done and the solid structure being put in place.

The Managing Director, LAMATA, Mrs Abimbola Akinajo, said that the vision of the state was to ensure that the blue rail line project would be operational first quarter of 2022.

“The vision of the state is to ensure that this project will be operational in the first quarter of 2022, as we are on track. One of the major things in every project is funding and with the support we have from CBN and three other banks – Sterling, Fidelity and Access, we will ensure we meet our goal and target, which is the last quarter of 2022,” Akinajo said.

Furthermore, she said LAMATA was presently constructing the first operational phase of the blue line, adding that five stations – Mile 2, Alaba, Iganmu, National Theatre and Marina, would be constructed within the axis.

Total
0
Shares
Related Posts
Read More

FIRSTBANK sponsors 5th edition of Chief Olusegun Obasanjo Golf Tournament

First Bank of Nigeria Limited has announced its sponsorship of the 5th edition of the Chief Olusegun Obasanjo golf tournament, organized by the Abeokuta golf club. The competition, which is scheduled to hold on Saturday, 14th August 2021 will have Chief Obasanjo perform the ceremonial Tee-off to the glamour of the 150 golfers participating from across Nigeria.
Read More

UNGA 78: Orelope-Adefulire, EU, UN, others highlight efforts to accelerate SDGs through INFFs

Princess Adejoke Orelope-Adefulire, the Senior Special Assistant to the President on Sustainable Development Goals, OSSAP-SDGs has joined leaders and experts from around the world to call for increased investments and alignments of resources from public, private, domestic, and other sources to accelerate progress on the delivery of 2030 Agenda.