Yussuf Phillip, the CBN’s Director of Development Finance, revealed this yesterday during an inspection of the Blue Rail Line Project in Marina, Lagos, noting that another tranche of N15 billion is expected for disbursement for the 27-kilometer rail project that runs from Okokmaiko to Marina.

“The CBN has supplied financing under this intervention through various banks (Access Bank, Sterling Bank, and Fidelity Bank) to ensure that Lagos State has the necessary funding for this project,” he said.

“The total amount that we have made available for these lines is N60 billion.

“We have disbursed N45 billion. There is another tranche of N15 billion too. So we can see the progress as it matches the disbursement that we have made so far.

“The Lagos Metropolitan Area Transport Authority (LAMATA) has taken us around and we can see the solid structure that is being built in Marina.

“We are confident based on what we have been shown that progress has been made.”

Phillip emphasized that infrastructure is critical to economic growth and that the CBN is sponsoring not only the blue line but also the red line and the five other lines that Lagos State plans to build.

Managing Director of LAMATA, Engr. Abimbola Akinoja, described the project as follows: “The rail line will begin operation in the fourth quarter of next year (Q4’22) with five stations that are 98 percent complete.”

“This site is the Marina Station, which is part of the blue line that runs from Okokomaiko to Marina,” she explained. “As we all know, train lines are built in phases all over the world.”