CBN, Disburses N60bn to Fund Rail Infrastructure in Lagos

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The Central Bank of Nigeria (CBN), has announced that it has through three commercial banks financed railway infrastructure in Lagos to the tune of N6 billion. This, the central bank stated, is in a bid to support infrastructure development and create jobs.

The banks, the CBN said are; Access Bank Plc, Sterling Bank Plc and Fidelity Bank Plc. The CBN said the banks have disbursed N45 billion to fund Lagos Blue line, which is 13.5-kilometer railway situated at the businesses district in Lagos and would be easily connected and assessable to waterways bus stations to critical parts of Lagos which normally are high traffic zones.

Speaking at the site inspection in Lagos, Director, Development Finance, CBN, Yusuf Philip Yila said: “The Central Bank of Nigeria, through Some banks, as provided funding on its DCR intervention to ensure that Lagos State has the right funding for this project.

So far, I’m quite impressed with what I see on ground Lagos Metropolitan Area Transport Authority (LAMATA)and we can see the solid structure that has been put in place in Marina. We are confident based on what we’ve been shown that progress has been made. Remember that disbursement of this fund is being done in tranches.”

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