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
