THE Lagos light rail project being developed by the Lagos state government under the supervisory of the Lagos Metropolitan Area Transport Authority (LAMATA) is set to cost about $2.5 billion (N400 billion).
The Vice-Chairman, Infrastructure Bank Plc, Jonan Kruger, who made this known at a media briefing Tuesday in Lagos, said the Lagos light rail project from Marina through Iddo to Agbado has now reached an advanced stage.
According to Kruger, the project, which is tagged: Redline Light Rail Project would be funded by this bank and managed by a consulting firm of Marina Express Consortium.
He said that the Redline project would complement the ongoing Blueline rail project, adding that the Redline project was designed as a private sector initiative and is aimed to ease transportation problems in Lagos.
The bank’s vice-chairman explained that the bank entered into negotiation with the Lagos State Government to ensure that the project was profitable for investors. “The Redline is one of the projects that Lagos state has designed to solve the traffic problems in the state.”
Managing Director of the bank, Adekunle Oyinloye, said that the Redline would take-off in Marina and join Iddo to meet the Nigerian Railway corridor up to Agbado.
He said that residents along Ikeja, Agege, Agbada and Ifo could be transported up to Agbado to ease transportation problem in the state.