The Presiden Muhammadu Buhari led Federal Government is poised to spend a total of $37.8 billion on the revitalisation and expansion of six major rail networks in Nigeria, the Minister of Transportation Chibuike Rotimi Amaechi has said.
Amaechi made this known during his address at the 2021 annual public lecture of the Department of Economics, University of Lagos, which was held at the J.F Ade Ajayi Auditorium, on Friday.
Speaking on the topic: Nigeria’s National Rail Transport Project: Network, Financing, Challenges and the Way Forward, Amaechi said when the entire six national Rail networks are fully on stream, Nigerians would have spent $37.8 billion.
Amaechi observed that though it is becoming increasingly difficult to access funds, yet without transportation there may not be any economy.
Amaechi who said railway is driven more by freight rather than passenger services said Nigeria does not have the economic activity to carry connecting many of the nation’s cities by standard gauge rail.
“Our total tonnage per annum is 30 million metric tonnes. This can be evacuated within a month by the Nigerian Railway, adding that if Nigerians wanted better service, they should increase their production.
“In the same manner, if I discover increased and sustained demand for faster trains, I would not hesitate to provide it, but right now, our activity can only adequately be catered for by a 150km rail service.”
