The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has announced that the Federal Executive Council, FEC, has approved contracts for three major rail projects aimed at strengthening infrastructure and driving economic growth across key urban centres.
Oyedele disclosed this on Thursday while briefing State House correspondents after the fifth council meeting, presided over by President Bola Tinubu at the Presidential Villa in Abuja.
He explained that the projects, which will be implemented in Lagos, Kano and Kaduna, are aligned with the federal government’s development agenda and are expected to enhance productivity, improve urban mobility and raise living standards.
“We know that for economic development, you need infrastructure that works, one that enhances productivity and growth, and also improves the quality of life of the people,” Oyedele said.
The approved projects include Phase 1A of the Lagos Green Line rail, the Kano Metro City rail project, and the Kaduna light rail system.
According to the minister, the three locations were selected due to their strategic importance as economic hubs where targeted investments could deliver significant returns.
“You would agree that these three cities are very important and strategic. All cities are important, but these are places where 10 per cent effort can yield up to 90 per cent results,” he stated.
Oyedele, who recently joined the cabinet following the resignation of Wale Edun, said the projects would be financed through the Ministry of Finance Incorporated on behalf of the federal government, with arrangements for counterpart funding.
He disclosed that the combined cost of the three rail initiatives is estimated at approximately $2.99 billion.
“These projects will be sponsored by MOFI on behalf of the Federal Government of Nigeria, with some counterpart funding. Altogether, they will cost about $2.99 billion,” he said.
The minister added that the approvals underscore the administration’s commitment to prioritising infrastructure development as a key driver of inclusive growth and sustainable urban transport systems.
FEC approves $2.99bn rail projects for Lagos, Kano, Kaduna
