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Infrastructure Bank Coordinates Funding For $200bn Lagos Rail Project
The Infrastructure Bank Plc is to provide funds for the proposed 200 billion dollars Lagos Red Line Rail Project that will commute two million passengers daily from Alagbado to Marina.
The bank’s Executive Director (Projects), Mr Hakeem Olopade, disclosed this in Lagos on Thursday at the ongoing 3rd Economic Commission of West Africa States (ECOWAS) Investment Forum.
The Tide source reports that Infrastructure Bank Plc is the chief promoter and financier of the rail project.
The funds, to be coordinated by the Infrastructure Bank, will be sourced from the local and international markets.
Olopade said that the project had been in conception since five years ago and would be implemented by Marina Express Consortium to ease transportation in populated areas of Lagos.
According to him, the Red Line Rail project will stretch 37 kilometres with 36 pedestrian walk-over bridges to end at the Marina.
Olopade said that that the Red Line and the ongoing Blue Line Rail projects would converge on a “signature bridge” to link the mainland to the Marina.
He said that the bridge would cost 200 million dollars.
Olopade said that the Red Line Rail project might be extended to Ogun State in the future.
He said that the Red Line Rail project would be a two- type infrastructure which would cost one billion dollars each.
The executive director said that the bank, in implementing the project, would be responsible for the fixed infrastructure as well as the operation and maintenance.
Olopade said that the moving infrastructure would have a rail signal communication, among others.
Olopade said that one of the core objectives of the Red Line project was to provide a world class rail system.
He said that the bank would also ensure that there was constant improvement in the area of service delivery to the people of Lagos state.
The bank executive identified skill and training as paramount to the project and said that the bank was assembling a global team to implement the project.
“We also want to make sure that as we provide training and skill services, there is a clear system of transfer programme to ensure that within a short time, the rail would be run by Nigerians for Nigerians.
“We also have a corporate social responsibility, as core driver of the project, by creating one thousand direct jobs apart from the indirect jobs that would also be provided on the corridors, ‘’he said.
Olopade said that there would be signal that would be laid on the track corridor for free access to internet for school children.
“We are also conscious of school passengers and pensioners and there would be aggregate tariff for them to benefit from the rails service.”
He said that the project was part of the World Bank’s sponsored study for transport infrastructure and solution for Lagos.
“The BRT, which is the Bus Rapid Transport, also came out of that study.
“This railway project is part of the integrated mode of transportation from that study.
“There would be seven metro lines and the Red Line and Blue Line are the prototypes that Lagos State has agreed to commission as a starter.
“The Blue Line is already taken by the state. The Red Line is going to be a concession that would be run by the private sector,’’ Olopade said.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.