By Olanrewaju Adesanya
The Central Bank of Nigeria, on Thursday, said it is happy the Lagos Rail Mass Transit Blue Line project is going according to schedule and would upon completion stimulate the nation’s economy and job creation.
This is even as the apex bank expressed satisfaction at the disbursement of the first tranche of N45 billion earlier released for the project adding that all is now set for the disbursement of the last tranche of N15bn to Lagos State towards the completion of the project. The CBN facilitated N60 billion fund for the project
Speaking during the inspection of the Lagos Rail Mass Transit Blue Line project in Lagos, the CBN Director, Development Finance Department, Mr Yusuf Philip Yila, explained that the inspection was necessitated since the bank is funding the project.
According to Mr Yila, “The CBN is here today to monitor and evaluate progress made so far on the Lagos Blue Rail Line which is being carried out by the Lagos State Government. Don’t forget that the CBN, through some banks, provided funding under its TCR intervention initiative. So we are here today to monitor progress made on the project by the Lagos State Government.
“We are quite impressed with what is on the ground. LAMATA has taken us round and we have seen the solid structures in place in Marina. Based on what we have been shown, we are confident in the project. Remember that disbursement of the funding for this project is done in tranches, and another tranche is due. So as a Central Bank, we feel we should come and see what we are funding before we release the other tranche.
“For me most importantly, the jobs that this project will create are exciting. From welding to fabricating, there are over 500 jobs on-site here. So, we are excited that it will create more jobs for Nigerians.”
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On the amount disbursed thus far, the CBN Director explained that “The total amount earmarked for this project is N60bn. We have disbursed N45bn thus far, and the remaining N15bn is due for disbursement anytime soon. We do visits and monitor projects under funding from the CBN to ensure that such funding are put to good use.
“We are also providing funding for the Red Line aside from the Blue Line that we are inspecting today. Infrastructure is a major contributor to economic growth. It will provide more confidence in the economy. The Marina station has good use of the waterways, and bus lane route including the railway. It’s a complete integrated mode of transport hub.”
Also speaking during the inspection, the Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA) Engineer Mrs Abimbola Akinajo explained that Access Bank, Sterling Bank and Fidelity Bank are the three banks funding the Blue line project through the CBN.
In her words, “The Blue Line project is a rail line that goes from Marina to Okokomaiko. We are currently constructing the first phase of the project which is from Mile 2 to Marina. We have five stations that are going to be built within this phase. The stations will be located at Mile 2, Alaba, Iganmu, National Theater and Marina. Four of those stations are already at about 98 per cent completed.
“We expect that after completion, Marina will become very important transportation hub in the Lagos State masterplan because the Red Line will terminate here. Also, the Blue Line will terminate here. Again, the Green Line that will come from Lekki will terminate here in Marina. The monorail and waterways Transport will also be here in Marina. This is apart from the first and Last Mile transportation system. Marina is therefore going to be a very important interchange when this project is completed in Quarter 4 of year 2022,” Akinajo said.
She therefore sought stakeholders collaboration on the project stressing that three sets of coaches would commence on the line by quarter 4, 2022.
Each of the coaches according to her, would carry not less than a thousand passengers saying with the signaling system in place, they would be able to move passengers every three minutes during peak hours.