FEC approves $2.9bn rail projects for Lagos, Kano, Kaduna – Oyedele

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Oyedele

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By Johnbosco Agbakwuru

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday said that the Federal Executive Council, FEC, has approved the award of contracts for three major rail projects aimed at boosting infrastructure, productivity and economic growth across key urban centres.

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Oyedele disclosed this while briefing State House correspondents after the 5th council meeting, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.

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He said the projects, covering Lagos, Kano and Kaduna, are designed to support the federal government’s broader development agenda and improve the quality of life for citizens.

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According to him: “We know that for economic development, you need infrastructure that works, one that enhances productivity and growth, and also improves the quality of life of the people.”

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Oyedele mentioned the approved projects to include Phase 1A of the Lagos Green Line rail, the Kano State Metro City rail project, and the Kaduna State light rail system.

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He described the three cities as critical economic hubs where targeted investments can yield outsized impact.

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“You would agree that these three cities are very important and strategic. All cities are important, but these are places where 10 per cent effort can yield up to 90 per cent results,” he stated.

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The minister, who joined the cabinet last week after the resignation of Wale Edun, disclosed that the projects will be financed through the Ministry of Finance Incorporated (MOFI), acting on behalf of the federal government, with provisions for counterpart funding arrangements.

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In total, Oyedele said the three rail projects are valued at approximately $2.99 billion.

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“These projects will be sponsored by MOFI on behalf of the Federal Government of Nigeria, with some counterpart funding. Altogether, they will cost about $2.99 billion,” he said.

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He added that the initiative reflects the government’s commitment to prioritising infrastructure as a catalyst for inclusive economic growth and urban mobility.

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