Introduction to the High-Speed Rail Project
The Federal Government, De-Sadel Nigeria Ltd., and China Liancai Petroleum Investment Holdings Limited are set to commence construction of a 4000km high-speed rail across six states of the federation. This was disclosed during the presentation of the $60 billion proof-of-funds to Secretary to the Government of the Federation (SGF), Sen. George Akume, by the two firms in Abuja on Tuesday.
Project Overview
The News Agency of Nigeria (NAN) reports that the occasion was attended by the Minister of Transportation, Mr Sa’idu Alkali and the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo as well as representative of the Attorney-General of the Federation, among others. The project will connect Lagos, Abuja, Kano, and Port Harcourt, covering about 1,600 kilometers at the initial stage.
Proof-of-Funds Presentation
Speaking at the event, the Chief Executive of De-Sadel Nigeria Limited, Mr Samuel Uko, said that the company had presented an official proof-of-funds from Asian Development Investment Bank to the federal government for the first phase of the project. According to him, construction will be in phases, and once the sections are completed, Nigerians will begin to enjoy the train service before the entire 36-month schedule is completed.
Government Response
In his remarks, the SGF, while describing the meeting with the investors as ‘stimulating’, said that the proof-of-funds document which had been submitted would undergo scrutiny to confirm its amount and authenticity. The minister of transportation also said that the project aligned with the ministry’s mandate to provide safe, secure, and affordable transportation as well as with the president’s directive to attract foreign investors.
Gas Supply for the Project
On his part, Ekpo assured the investors of adequate gas supply for the project, noting that Nigeria had proven reserves of 210 trillion cubic feet of gas, with an additional 600 trillion cubic feet in deep-sea deposits. “Gas is a precursor for this project, and investors will not face shortages,” he said.
Next Steps
Director-General of Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, said that the submission of proof-of-funds was a mandatory requirement for the projects. “They have now presented $60 billion proof-of-funds from China. The next step is for us to review and validate their claims to ensure the project’s viability,” Ewalefoh said.
Conclusion
The commencement of the high-speed rail project is a significant development in Nigeria’s transportation sector. With the presentation of the proof-of-funds and the government’s commitment to the project, it is expected that the construction will begin soon. The project has the potential to transform the country’s transportation system, providing safe, secure, and affordable transportation to Nigerians.
FAQs
- What is the total length of the high-speed rail?
The total length of the high-speed rail is 4000km. - Which states will the rail connect?
The rail will connect Lagos, Abuja, Kano, and Port Harcourt, among others. - What is the estimated completion time for the project?
The estimated completion time for the project is 36 months. - Who are the investors in the project?
The investors in the project are De-Sadel Nigeria Ltd. and China Liancai Petroleum Investment Holdings Limited. - What is the total cost of the project?
The total cost of the project is $60 billion.
