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    Federal Executive Council Approves $2.9bn Rail Projects

    Ogooluwa AremuBy Updated:No Comments2 Mins Read
    Federal Executive Council Approves $2.9bn Rail Projects
    Mr Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy

    Federal Executive Council Approves $2.9bn Rail Projects

    The Federal Executive Council (FEC) on Thursday approved contracts for three major rail projects to boost infrastructure and economic growth.

    The projects will be implemented in Lagos, Kano and Kaduna. The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, disclosed this while briefing State House correspondents after the council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

    Oyedele said the projects are designed to enhance productivity, improve urban mobility and raise living standards. “We know that for economic development, you need infrastructure that works, one that enhances productivity and growth,” he said.

    The approved projects include Phase 1A of the Lagos Green Line rail, the Kano Metro City rail project and the Kaduna light rail system.

    According to the minister, the cities were selected due to their strategic importance as major economic hubs.

    “These are places where targeted investments can deliver significant results,” he said.

    Oyedele said the projects would be financed through the Ministry of Finance Incorporated (MOFI), with counterpart funding arrangements.

    He put the total cost of the three projects at approximately 2.99 billion dollars. The minister said the approvals reflect the administration’s commitment to infrastructure as a driver of inclusive growth and sustainable urban transport. MTN Hits All-Time High as Buyers Price in Earnings Beat

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    Ogooluwa Aremu is a business journalist at MarketForces Africa covering Nigeria's energy sector, macroeconomic policy, African continental affairs, cryptocurrency markets, and foreign exchange developments.His reporting spans Nigeria's oil and gas regulatory landscape, including coverage of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria International Energy Summit, and the downstream deregulation reforms reshaping Nigeria's petroleum sector. He also reports general market, Nigeria's fiscal reforms, World Bank and IMF engagements with Nigeria, and President Tinubu's economic policy initiatives.Ogooluwa covers Africa-wide developments through MarketForces Africa's Inside Africa desk, reporting on the African Union summits, continental economic policy, and cross-border developments affecting investment and trade across Sub-Saharan Africa.His cryptocurrency and forex market coverage tracks major digital assets, including Bitcoin, Ethereum, and Ripple, alongside. Nigeria's interbank FX market movements. He has covered major stories, including the African Union's 39th Ordinary Session in Addis Ababa, Nigeria's N6 trillion fuel import savings from deregulation, and the World Bank's assessment of Nigeria's economic reform programme. Ogooluwa Aremu is based in Lagos, Nigeria.

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