The Lagos Blue Line Rail Project is divided into two phases with the first phase from Marina to Mile 2 just 13 Kilometres with the Second Phase from Mile 2 to Okokomaiko set to start in the new year.
Public Affairs, Gbolahan Olojede, made this known while speaking on what the Public needs to know about the Lagos Blue Line Rail Project with Tolulope Ogunjobi on TVC News Business Nigeria.
Mr Olojede said the project was financed 100% by the Lagos State Government from start of work till date.
He added that the Blue Line stops at Okokomaiko and the whole length is 27 Kilometers.
He said the funding arrangement from take off was a Lagos State thing through and through but disclosed that Fidelity Bank, Sterling Bank and Access Bank came into play later on.
He however said no matter how it is being addressed, Lagos State Government paid for it hundred percent.
Going further, he added that projects like the Lagos Blue Rail Line Project is normally funded by the Central government.
He disclosed that the Lagos State Government always tries its best to ensure that people are aware that it is a Lagos State Government project which he said is Okay.
He disclosed that the banks were able to fund the project through the Cash Reserved Ratio which is a funding window of cash which Banks keep with the Central Bank of Nigeria.
On the length it took for the project to be delivered from conception till date, he described the completion of the First phase of the Blue Line rail as a learning process that would have ensured that the logistics and Others including movement of utilities are now part of the next phase.
On the biggest fear of people for the project especially sustainability, he said aside it being an environmentally friendly project, it has a dedicated Independent Power Project plant to power its operations outside of the current National Grid.
According to him, the Train will start running in the first quarter of 2023 after a testing period with construction now completed.