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Lagos Blue Line rail project may not be ready until 2022

Published

6 years ago

August 12, 2018

Indications have emerged that the Lagos Blue Line rail project may not be ready until 2022.

Following a comprehensive review of the rail project, which ought to have commenced passenger operation but had been hindered by unforeseen third party issues and other challenges, the State Government said the Marina to Mile 2 section of the project known as the Blue Line Rail, would now be ready for passenger operation by 2022.

Details of this development form part of the revelations made at the signing of a major agreement between the Lagos State government and Alstom SA of France on the Lagos Rail Mass Transit (LRMT) project. The exercise is a renewed effort to rev up the multi-modal transport system in the State.

Officials of the State government had noted that consultants it engaged to carry out a technical review and due diligence on the implementation of the project, which substantially had focused on civil works, and reported back to government that operation of the first phase may only commence in 2022.

Speaking at the signing of the agreement with Alstom SA, Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Mr. Abiodun Dabiri, who signed on behalf of the State Government, said the partnership was the result of the commitment of Governor Akinwunmi Ambode towards the transformation of public transportation in the State.

According to him, “Based on the final report submitted, the consortium of Alstom Transport SA France has been engaged for the procurement, engineering, construction, installation of Operation & Maintenance (O&M) moveable infrastructure and commissioning of railway systems towards the commencement of passenger operations for LRMT Blue Line project from Marina to Mile 2.”

“For this purpose, a track length of about 3.0 km from Iganmu Station to National Theatre will be electrified. This operation would be done with the rolling stocks already supplied for the Blue Line project.

“This phase would allow the completion of all the preliminary works that would lead to the financing of the main works in Phase two. Phase one will be fully financed by Lagos State Government through Internally Generated Revenue (IGR).

“Phase two, which is expected to be completed in 39 months, would entail the provision and installation of railway operations’ systems for the project from Marina to Mile 2 and the delivery of a passenger-ready Lagos Blue Rail Line by 2022,” he said.

Responding, Mr. Guy Jean-Pierre, a Director of Alstom SA, thanked the State Government for the confidence reposed in the firm and the opportunity given to partner with the State on the Blue Line Rail project.

He assured that Alstom would work to ensure the delivery of the Blue Line to passenger operation by bringing on board required expertise and experience in rail system management.

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Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

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Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.