On Aug. 12, the Federal Government, De-Sadal Nigeria Limited, and China Liancai Petroleum Investment Holdings Limited unveiled plans to start a massive $60 billion gas and 4,000-kilometre high-speed rail project in Nigeria.
This big news dropped during a meeting in Abuja, where the consortium handed over proof of funds to the Secretary to the Government of the Federation, Senator George Akume, alongside Ministers of Transportation, Sa’idu Alkali, and State for Petroleum Resources (Gas), Ekperikpe Ekpo, among other big shots.
Samuel Uko, Chief Executive Officer of De-Sadal Nigeria Limited, speaking for the group, said the first phase will link four major cities: Lagos, Abuja, Kano, and Port Harcourt. “Today, with our partners, I just presented the official approval form for the project. The cash is coming from the Asian Development Investment Bank to kick off the first phase across these four cities. The rail line runs from Lagos to Abuja, to Kano, and from Abuja to Port Harcourt. This is a huge win for the government. The Federal Government, through the ICRC, okayed the outline business case, and now we’ve submitted the approval form. Soon, Nigerians will enjoy high-speed rail,” he explained.
On the cash involved, Uko revealed, “We just submitted a $60 billion approval fund to the government with our financial and technical partners. The first phase is $55 billion. The money is ready, and Nigeria is set to move forward with this project.
”For the timeline, he added, “The 1,600 kilometres covering the four cities will take us 36 months to build. But we no go wait that long. For example, from Lagos to Lokoja, we’ll pass through six states. By the time we hit the second or third state, people in the first two states will already be enjoying the speed train.”He also noted that the project will include gas development to power the rail network. “The raw material for power na gas. So we must develop the gas side to get more gas for this high-speed rail project,” he said.
The SGF, speaking up, said the proof of funds will face close check. “We need to confirm the real amount of money available. We no dey doubt them, but this na the normal process when big money like this dey involved in such deals.”
