The Federal Government has received proof of $60 billion in funding for the development of a 4,000-kilometre high-speed rail network across Nigeria.
De-Sadel Nigeria Limited, in partnership with China Liancai Petroleum Investment Holdings Limited, presented the financial backing to the Secretary to the Government of the Federation, Sen. George Akume. The project will be financed by the Asian Development Investment Bank.
Speaking in Abuja, De-Sadel CEO Samuel Uko said the first phase, estimated at $55 billion, will connect Lagos, Abuja, Kano, and Port Harcourt. “This administration has given us almost 90% of approvals needed. With our partners, we have now submitted the official proof of funds,” he said.
The rail network will be developed alongside a gas infrastructure programme to provide the power needed for the trains. Construction of the initial 1,600-kilometre stretch is expected to take 36 months, with phased openings allowing sections to begin operation before completion.
The government, through the Infrastructure Concession Regulatory Commission (ICRC), has approved the Outline Business Case for the project, with work expected to commence soon.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
