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Saturday, November 27, 2021

CBN provides N60 bln funding for Lagos Blue line rail project

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The Central Bank of Nigeria (CBN) said it is providing N60 billion funding for the blue line train projects of the Lagos State government through three commercial lenders.

According to the regulatory bank, the funds are channeled through the banks, anmely, Access Bank, Sterling Bank and Fidelity Bank and a total of N45 billion has already been disbursed.

The funding is targetted at supporting infrastructure development and creation of jobs in the state, the CBN said.

The blue line rail project being embarked upon by Lagos is 13.5-kilometer railway situated at the businesses district in Lagos and would be easily connected and assessable to waterways bus stations to critical parts of Lagos which normally are high traffic zones.

The CBN Director of Development Finance, Yusuf Philip Yila, while inspecting the project in Lagos on Thursday said that the funding on its DCR intervention will ensure that Lagos State has the right funding for this project.

“The Central Bank of Nigeria, through Some banks, as provided funding on its DCR intervention to ensure that Lagos State has the right funding for this project.

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“So far, I’m quite impressed with what I see on ground, Lagos Metropolitan Area Transport Authority (LAMATA) and we can see the solid structure that has been put in place in Marina.

“We are confident based on what we’ve been shown that progress has been made. Remember that disbursement of this fund is being done in tranches.”

“So, another tranche is due, and as a central bank felt it’s important that will come and see what is on ground, the quality of work is quite impressive.

“The total amounts that we have made available for this line is N60 billion, while we have disbursed N45 billion. There’s another tranche of 15 billion due and we can see the progress I see matches the disbursements that have been made so far.

“This is just one of many projects on that DCR, if you recall, as part of our response to the COVID 19 pandemic, we released N1 trillion intervention under the DCR. So quite a lot not only infrastructure but you see mostly in Agric in mining.

“So, we do visit, we do embark on monitoring and evaluation just to ensure that you know the funds are used for the purposes they are meant for, and they contribute to output and ultimately economic development impact economic activities.

“Infrastructure is a major contributor to economic growth with the right infrastructure growth is certain and we are funding not only the blue line, but we’re also providing some funding for the red line and the five other lines that they plan to embark on this will significantly contribute, ease of business, ease of moving people around more confidence in in the economy,” Yila said.

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