The Marina Express Train Service Ltd (METSL) is to collaborate with The Infrastructure Bank (TIB) to construct the proposed Lagos Metro Rail Transit (LMRT) Red Line project.

Minister of Transport, Sen. Idris Umar, stated this in Abuja at the ceding and handing over of the Right of Way (ROW) for the Iddo-Agbado Corridor for the proposed rail line.

The proposed Lagos State Mass Transit Train Services (MTTS), which is named “Red Line”, will operate within the Lagos metropolis.

Umar was quoted in a statement as saying the railway line would significantly impact on the growth and development of the Lagos-Ogun states industrial and economic zones.

He said the MTTS Red Line was projected to carry a large number of passengers per day, freeing up an estimated four to five hours productive time to each commuters on Agbado-Marina axis.

He said the project would address the transportation problems in the commercial nerve centre of the country with estimated 20 million population and also enhance economic development.

Umar called for private sector collaboration in other states of the Federation to facilitate further infrastructure development in the country.

“The royalties due to the NRC arising from the use of the corridor by the Lagos state government over the life of the project shall be valued. It shall be converted to federal government equity in the consortium that will implement and manage the project over the concession period As such, government participation will provide needed impetus for follow up on investors and is a major investment showcase for Nigeria’s economy to global investment community” he said.

He expressed delight over the request by Lagos State Government for the federal government to release the Easter section of the existing NRC Right of Way in Lagos.

“I considered it a welcome idea knowing fully well that such development will boost the economic fortune of the state which will eventually spread to other states in the country. The request was treated with dispatch with the constitution of a Technical Committee to look into the possibility of sharing the existing NRC rail corridor in Lagos without interruption in the operation of the corridor. The committee comprised representatives from Ministry of Transport, NRC, Lagos state government and Lagos Area Metropolitan Transport Authority (LAMATA)” he said.

Also speaking at the event, the Minister of Industry Trade and Investment, Mr. Olusegun Aganga, Minister of Industry, Trade and Investment, said the project has the capacity to generate 5,000 and over 10,000 direct and indirect jobs respectively.

He said the job creation would occur during the construction period, adding that another 3,000 and 5,000 jobs would be created directly and indirectly during operation phase.

According to him, $2.4 billion would be invested from the private sector for the construction of the rail line, noting that the mass transit would involve at least 1.8 million people daily.

In his remarks, the Managing Director of TIB, Mr. Adekunle Oyinloye, said that the bank was committed to successful completion of the project which would bridge transportation gap in Lagos.

He said that the bank was ready to assist other state governments that needed financial advice for development projects.

 

Source: Thisdaylive.com

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