- Dangles juicy returns on investments carrot before investors at AfDB Forum in Morocco
Lagos State Governor, Mr Babajide Sanwo-Olu, showcased the steady progress and successes of the state’s two metrolines to global investors and urged them to partner the state government in the development of the proposed Purple Rail Line.
The State had on September 4, last year commenced commercial operation on the first phases of the fully electrified Blue Line Rail, while in October 10, this year, started commercial operation on the Diesel propelled Red Line metroline. The second phases of both lines are currently ongoing.
The Sanwo-Olu administration is desirous of embarking on two more metrolines – the Green Line, which is proposed to course through Marina and terminates at the Lekki Free Zone, and the Purple Line, which is to begin at Mowe, course through the Long Bridge, and end at Ojo, on the Lagos-Badagry Expressway.
Speaking at the Africa Investment Forum Market Day in Kingdom of Morocco on Wednesday, Sanwo-Olu who presented the state’s investment strategy for the Purple Rail Line project before African investors, assured that the project represents a viable investment opportunity with promising returns and declared that his administration is excited to move forward with the project.
Sanwo-Olu said the Purple Rail Line, a 60 km electrified rail system, will include 16 stations and integrate with existing bus services to boost residents’ connectivity.
According to him, it is projected to serve over 300,000 passengers daily, significantly reducing greenhouse gas emissions by encouraging a shift from road to rail transportation.
The 60 km rail is designed to run through Mowe, Long Bridge, Isheri, Toll Gate, Omole, Ogba, Agege, Iyana Ipaja, Isheri Osun, Igando, Iba, Estate, LASU, Okokomaiko, and Ojo.
“At the Africa Investment Forum Market Days, I presented our investment strategy for the Purple Rail Line project.
“The Purple Rail Line is a 60 km electrified rail system that will include 16 stations and seamlessly integrate with existing metro and bus services to enhance connectivity.
“It is projected to serve over 300,000 passengers daily, significantly reducing greenhouse gas emissions by encouraging a shift from road to rail transportation.
“I am pleased to share that we have secured substantial funding commitments, as the Purple Line represents a viable investment opportunity with promising returns. We are excited to move forward with this project.
“I also participated in a pre-deal meeting organised by the President of the African Development Bank, Dr. Akinwumi Adesina, regarding the Nigeria Special Agro-Industrial Processing Zones Programme (Nigeria SAPZ),” Sanwo-Olu said on his X account.
