CBN backs Lagos blue rail line

The Central Bank of Nigeria (CBN)  has expressed satisfaction with the pace of work on the Lagos Blue light rail, saying it was convinced the project would be completed and ready for flag-off by the last quarter of 2022. The Director of CBN’s Development Finance, Mr. Phillip Yusuf Jila, stated this during a joint inspection […]

The Central Bank of Nigeria (CBN)  has expressed satisfaction with the pace of work on the Lagos Blue light rail, saying it was convinced the project would be completed and ready for flag-off by the last quarter of 2022.

The Director of CBN’s Development Finance, Mr. Phillip Yusuf Jila, stated this during a joint inspection of the project site with the supervising agency, the Lagos Metropolitan Area Transport Authority (LAMATA).

Leading the LAMATA Team was the Managing Director Mrs Abimbola Akinajo, who led other top officials among them the Director Rail Services Engr. Olasunkanmi Okusaga, and Project Manager, Engr Abidemi Atobatele, among others.

Briefing the CBN team, Akinajo said while the first phase of the Blue line would start from Mile 2 and terminate at Marina, the Red line, the first phase of which would also be delivered in the last quarter of 2022, would ultimately terminate at Marina.

“Also here at Marina, the Green Line will begin here and terminate at the Lekki Free Trade Zone. Also to begin here is the monorail which goes through Victoria Island and terminates at Lekki.

There will also be ferry services, as well as the BRT, as well as the First and the Last Mile Bus system. So at Marina, we are going to have a multi-modal transportation interchange that is going to be a world-class station.”

Akinajo explained that when completed the blue line would operate three rolling stocks which are already on the ground and the line could carry about 1,000 passengers every day, adding that from Mile 2, people would get to Marina in less than 35mins.

She said though the entire stretch of the project is 27kms, the first phase for which the CBN is providing support is about 13.5kms.

The CBN Director in his response said the project would create more jobs for Nigerians.

He said: “What I see here is jobs and more jobs. Already I have been told over 500 Nigerians are working on this project. This figure can only continue to increase the potentials to create more jobs and ensure that many more people are taken away from poverty and penury and stimulate the economy. I am happy at the level of work done and I can say that it is commensurate with what has already been advanced for the project.”

He said the CBN is happy to have supported the Lagos State government on its Differentiated Cash Reserve Requirement (DCRR) intervention.