The Central Bank of Nigeria (CBN) yesterday expressed happiness about the level of work on the Lagos Rail Mass Transit Blue Line project.
The apex bank said the project was going according to schedule and would, upon completion, stimulate the nation’s economy and boost job creation.
It also expressed satisfaction at the disbursement of the first tranche of N45 billion earlier released for the project, saying all was set for the disbursement of the last tranche of N15 billion towards the completion of the project.
The CBN facilitated N60 billion fund for the project.
Speaking during the inspection of the project in Lagos, the CBN Director of Development Finance Department, Mr. Yusuf Philip Yila, explained that the inspection became expedient since the bank was funding it. He said: “The CBN is here today to monitor and evaluate progress made so far on the Lagos Blue Rail Line, which is being carried out by the Lagos State government. Don’t forget that the CBN, through some banks, provided funding under its TCR intervention initiative. So, we are here today to monitor the progress made on the project by the Lagos State government.
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“We are quite impressed by what is on the ground. The Lagos Metropolitan Area Transport Authority (LAMATA) has taken us round and we have seen the solid structures in place in Marina. Based on what we have been shown, we are confident in the project.
“Remember that disbursement of the funding for this project is done in tranches, and another tranche is due.
“So, as a Central Bank, we feel we should come and see what we are funding before we release the other tranche.
“For me, most importantly, the jobs that this project will create are exciting. From welding to fabricating, there are over 500 jobs on-site here. So, we are excited that it will create more jobs for Nigerians.”
LAMATA Managing Director, Mrs. Abimbola Akinajo, explained that Access Bank, Sterling Bank and Fidelity Bank were funding the project through the CBN.
She said: “The Blue Line project is a rail line that goes from Marina to Okokomaiko. We are currently constructing the first phase of the project, which is from Mile 2 to Marina. We have five stations that are going to be built within this phase. The stations will be located at Mile 2, Alaba, Iganmu, the National Theatre and Marina. Four of those stations are already at about 98 per cent completion.
“We expect that after completion, Marina will become a very important transportation hub in the Lagos State master plan because the Red Line will terminate here. Also, the Blue Line will terminate here.
“Again, the Green Line, which will come from Lekki, will terminate here in Marina. The monorail and waterways transport will also be here in Marina. This is apart from the first and Last Mile transportation system. Marina is, therefore, going to be a very important interchange when this project is completed in Quarter 4 of Year 2022.”