Nigeria’s high-speed rail project gains $60 billion approval, promising revolutionary transport and energy development
The Nigeria’s high-speed rail project has officially secured $60 billion in funding, marking a landmark step toward modernizing the nation’s transportation and energy sectors.
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The ambitious project, a collaboration between the Federal Government, De-Sadal Nigeria Limited, and China Liancai Petroleum Investment Holdings Limited, was announced during a presentation of proof of funds to government officials in Abuja.
CEO of De-Sadal Nigeria Limited, Samuel Uko, revealed that the initial phase will connect four key cities: Lagos, Abuja, Kano, and Port Harcourt, covering 1,600 kilometers.
Funded by the Asian Development Investment Bank, this transformative infrastructure initiative promises to boost economic growth and improve mobility across Nigeria.
Uko shared, “The fund is ready, and the country is ready to move forward with this project. Construction will span 36 months, but parts of the rail network will be operational sooner, benefiting states along the route.”
Beyond rail construction, the project also integrates vital gas development to power the network, with Nigeria’s vast reserves ensuring energy security for the system.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reassured investors about Nigeria’s abundant gas supply, highlighting reserves of over 210 trillion cubic feet onshore and 600 trillion cubic feet offshore.
Secretary to the Government of the Federation, George Akume, emphasized that while the proof of funds is promising, the government will conduct due diligence to verify the financial backing.
He expressed confidence in Nigeria’s business-friendly climate under President Bola Tinubu’s administration.
Minister of Transportation, Sa’idu Alkali, described the project as aligned with the ministry’s goals to provide safe, secure, and affordable transport for Nigerians.
The Federal Executive Council’s eventual approval of the full business case will pave the way for implementation.
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This monumental Nigeria high-speed rail project is poised to revolutionize travel and economic connectivity in the country, setting a powerful example of public-private partnership and infrastructure innovation.
Source: Read more at arise.tv
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
