The Central Bank of Nigeria (CBN) has announced that it will continue to finance railway development in Lagos state, although N45 billion has already been disbursed for the state’s Blue Line project.
Director, CBN Development Finance, Yusuf Philip Yila, revealed this yesterday in Lagos during an inspection of the Blue Line project operated by the Lagos Metropolitan Area Transportation Authority (LAMATA).
CBN carried out the inspection to follow up and evaluate the project’s progress, according to Yila, who was given a tour of the marina site.
The central bank made funds available through selected banks under the intervention of the Differentiated Cash Reserve Requirement (DCRR) to ensure that Lagos State had the necessary funds for the project.
Yila said, “The total amount we have made available for this Line is N60 billion. We have disbursed N45 billion. There’s another tranche of N15 billion. So, we see that the progress of the job matches the funding so far. This is just one of the projects under the DCRR intervention. As part of our response to COVID-19, we released N1 trillion.
“We are confident, based on what has been shown, that progress has been made. Disbursement of the funding is being done in tranches. So, another tranche is due. As the central bank, we felt it is important to come and see what is on the ground and the quality of work is quite impressive.
“They have shown us some of the technical details. For me, what I see is the number of jobs provided; young people working in Nigeria, welding, fabricating. There are over 500 jobs on-site here, which is a good takeaway. I am happy, having met some of the people on-site and across other stations.”
According to LAMATA, the state’s vision is to complete the project in the fourth quarter of 2022. The Blue Line is a 27-kilometre stretch from Okokomaiko to Marina that is being built in the first phase.