15 Oct CBN Disburses N60bn to Fund Rail Infrastructure in Lagos
The Central Bank of Nigeria (CBN), has announced that through three commercial banks it has financed railway infrastructure in Lagos to the tune of N60 billion. The banks are Access Bank Plc, Sterling Bank Plc and Fidelity Bank Plc.
The CBN said the banks have disbursed N45 billion to fund Lagos Blue line, which is 13.5-kilometre 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.
Speaking at the site inspection in Lagos yesterday, Director, Development Finance, CBN, Yusuf Philip Yila said: “The Central Bank of Nigeria, through some banks, has provided funding on its DCR intervention to ensure that Lagos State has the right funding for this project.
“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.”
On the funding, he revealed that the CBN has disbursed N45 billion and would soon disburse the balance N15 billion soon.
He added: “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, out of which N45 billion has been disbursed. 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 is being done, not only infrastructure but you see mostly in agriculture and mining.