Business [LIST] 8 Facts About the Lagos-Ibadan Rail Project Every Nigerian Needs to Know

[LequteMan]

Here are 8 facts about the Lagos-Ibadan rail project every Nigerian need to know.

• The China Exim Bank has approved the Federal Government's request for a loan of $1.231 billion from its China Africa Fund to construct the Lagos-Ibadan standard-gauge railway. The Ministry of Finance had in January 2017 set aside the Government's counterpart funding for the project; and the Acting President Yemi Osinbajo flagged off construction in March.

• The Lagos-Ibadan Line is Segment Two of the standard-gauge line that will connect Lagos and Kano. Segment One is the Abuja-Kaduna line, commenced by President Obasanjo in 2006, carried on by the Jonathan administration, and finally completed and commissioned by President Buhari in June 2016.

• The 160km Line will run from Iddo in Lagos to Ibadan in Oyo State, passing through Abeokuta in Ogun State. It will also have an extension to the Apapa Ports Complex.

• It will run at speeds of up to 150km per hour. The standard-gauge rail is wider and more stable than the narrow-gauge, allowing for higher speeds and greater load-bearing capacity.

• The project is being handled by the China Railway Construction Corporation (CRCC). Estimated completion date is December 2018.

• The next set of standard-gauge rail projects that will be done after this Lagos-Ibadan line will be Kano-Kaduna (Segment 3 of the Lagos-Kano Line) and Lagos-Calabar (the Coastal Railway). The Government is awaiting approval for the loans for these projects, from the China Exim Bank.

• Abuja's Light Rail system will also go into operation (test-run) in 2017. The first line to be launched will connect the city center with the Airport, with a link to the Abuja-Kaduna Railway Line. The test-run will start in November, ahead of full commencement of operations in Q1 2018.

• In March 2017 a consortium led by General Electric, and comprising Transnet of South Africa, APM Terminals of the Netherlands and Sinohydro Consortium of China submitted the sole bid for the concession of the Lagos-Kano Railway narrow-gauge Line. (Transaction Advisers were approved for the project in 2016). And last week the Federal Executive Council (FEC) approved the commencement of negotiations with GE to conclude the concessioning.