By: Olayinka Ganiyu
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has announced that the Federal Executive Council (FEC) has approved contracts for three major rail projects aimed at strengthening infrastructure and driving economic growth in key cities.
Speaking to State House correspondents after the council meeting, Oyedele explained that the projects will be implemented in Lagos, Kano, and Kaduna as part of the government’s broader development strategy to enhance productivity and improve citizens’ quality of life.
He emphasized that functional infrastructure is essential for economic progress, noting that these cities were selected because of their strategic importance and potential for high-impact returns on investment.
The approved projects include Phase 1A of the Lagos Green Line rail, the Kano Metro City rail project, and the Kaduna light rail system.
Oyedele stated that funding will be provided through the Ministry of Finance Incorporated (MOFI), representing the federal government, with additional counterpart funding arrangements in place.
The combined cost of the three projects is estimated at approximately $2.99 billion.
He added that the initiative underscores the government’s commitment to using infrastructure development as a key driver of inclusive growth and improved urban mobility.