Japan, France to invest $1billion in Lagos mono rail project


France and Japanese Government have earmarked the sum of $1 billion (equivalent of N197 billion) for the construction of mono rail project in Lagos State, aimed at boosting the state government’s effort in sustenance of its mega city status.

Meantime, the state government generated N101.69 billion revenues in the first quarter of year 2016 appropriation year, even as it had secured $100 million about N19.7 billion loan from the French Government to upgrade slums in the state.

Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, disclosed these on Monday, during the ministerial press briefing in Alausa, Ikeja, in commemoration of Governor Akinwunmi Ambode’s first year in office.

Ashade said both countries have earmarked the funds following previous achievements by the state government.

The commissioner explained that the continued increase in the state population has put pressure to partner other governments in improving the standard of living in the state.

He said, “In a bid expanding its development partnership with the Lagos State Government in urban mass transportation, Japanese International Cooperation Agency, JICA will commit the sum of $1billion to development of a mono rail which will connect Marina to Victoria Island and Ikoyi.

Ashade noted that the need for the project was the outcome of the preliminary survey on Mass Rapid Transit, MRT system in Lagos metropolis conducted by JICA and Lagos Metropolitan Transport Authority, LAMATA.

He however, stated that the availability of the fund would be determined by the results of a feasibility study.

He said, “JICA will commit the sum of $1billion to the project if the result of the preliminary survey is validated by the feasibility study amongst other conditions.”

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