August 28, (THEWILL) — The Federal Government has received proof of funds for a proposed $60 billion, 4,000-kilometre high-speed rail project to connect major states across the federation.
Secretary to the Government of the Federation, George Akume, confirmed receipt of the document from De Sadel Consortium and its Chinese partner, Liangai Corporation.
He said the first phase, spanning 1,600 kilometres, will cover Lagos–Abuja–Kano and Abuja–Port Harcourt corridors and is expected to be completed within 36 months.
Akume, however, noted that the document would undergo due scrutiny to verify the availability of the funds.
“We don’t doubt them, but that is the normal procedure government follows when huge sums of money are involved in such transactions,” he said.
Chief Executive Officer of De Sadel Consortium, Samuel Uko, explained that the first phase of the project, estimated at $55 billion, would be financed by the Asian Development Investment Bank.
“Today, $60 billion in proof of funds has been submitted to the government through our financial and technical partners. The fund is ready, and the country is ready to move forward,” Uko said.
He added that the success of the rail project would also hinge on Nigeria’s gas development to provide adequate power supply.
“You cannot develop high-speed rail without developing the gas aspect of the economy. Gas is critical to powering the speed train system,” he noted.
According to Uko, the project will be executed in phases, allowing early beneficiaries to begin using the train services once the initial stages are completed.
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