The $1.4 billion Lagos/Ibadan rail project has officially kicked off following the signing of the project’s contract by Nigeria’s Minister of Transport, Senator Idris Umar. The project which is partly financed by the Government of China through a $1 billion China EXIM Bank concessionary loan facility aims at increasing the level of economic development and trade between Lagos and Ibadan.
The project is expected to be completed within a 36 month time frame and deliver a high quality rail network that will enable passengers travel from Lagos to Ibadan in less than an hour.
The rail sustem which is expected to accomodate about 1,000 passengers a trip and is intended to be a low cost, convenient and safe mode of transportation for Nigerians in the Lagos and Ibadan environs.
