The Lagos State Government, Ministry of Finance Incorporated (MOFI) and China Harbour Engineering Company (CHEC) on Thursday signed a Memorandum of Understanding (MoU) for the Green Line Rail Project in Lagos.
The MoU, witnessed by Lagos State Governor, Mr. Babajide Sanwo-Olu; Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun; Special Adviser to the Governor on Infrastructure, Engr. Olufemi Daramola; Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Engr. Abimbola Akinajo, and top officials of the Federal Government and China Harbour Engineering Company (CHEC), was signed during the ongoing Forum on China-Africa Cooperation (FOCAC) in Beijing, China.
The Ministry of Finance Incorporated and China Harbour Engineering Company will source the funding to design, finance, operate and maintain the project.
The Green Line Rail Project, when completed, will be an addition to the Blue and Red Line rails already in operation in Lagos State, commuting thousands of residents on a daily basis.
Speaking after signing the MoU, Governor Sanwo-Olu said the Green Line Rail will redefine public transportation and transform the Lagos State transport landscape, linking key areas like Victoria Island, Lekki, Ajah, and more.
He said, “Today, we signed a historic Memorandum of Understanding with the Ministry of Finance Incorporated (MOFI) and China Harbour Engineering Company (CHEC) to bring the ambitious Green Line Rail project to life.
“The Green Line is a 68km rail line designed to run from the Lekki Free Zone to Marina, connecting with the Blue Line at Marina. This new line will transform our transport landscape, linking key areas like Victoria Island, Lekki, Ajah, and more.
“This rail line is projected to carry over 500,000 passengers daily at launch, rising to over a million as demand grows. With the Ministry of Finance Incorporated and CHEC leading the design, financing, and operation, the Green Line will redefine public transport in Lagos.
“The Green Line complements our existing rail lines, including the Red Line, which has already begun partial operations. Together, these lines form the backbone of our Strategic Transport Masterplan, designed to create a fast, efficient, and connected Lagos.”
The Governor added: “Just yesterday, we celebrated the one-year anniversary of the Lagos Rail Mass Transit Blue Line, which has served an impressive two million passengers without significant disruptions.
“This success shows that Lagos is ready for more. We are ready for the future. In August 2024, the Blue Line increased daily trips from 54 to 72, reducing travel time between Marina and Mile 2 from 30 to 18 minutes.
“The impact of these rail lines goes beyond transportation. They are catalysts for economic growth, connecting communities, reducing travel times, and enhancing the quality of life for millions. We are building a city that works.
“This is Lagos, and we will continue to lead. We would like to extend our heartfelt gratitude to President Bola Tinubu for his unwavering support and complete endorsement of this project. His commitment not only reflects his dedication to our shared vision but also serves as a powerful catalyst for its success.”
The Green Rail Line, which will connect with the Blue Line at Marina, is designed to run from the iconic Marina Station through Victoria Island, Lekki Phase 1, Ajah, Lekki 2, Ogombo, Elepetu, Eluju, Lekki Airport and Lekki Free Trade Zone.
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This is the future of how liquidity should flow.
Incredibly helpful guide for anyone staking on iziswap.
Portal is a game-changer for active DeFi users.
Didn’t know iziswap had advanced tools to reduce IL—awesome!
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Cross-chain liquidity is the future—Portal Bridge gets it right.
Appreciate the security tips for cross-chain transfers.
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Great intro for anyone looking to get started on Polygon.
This makes DeFi way less intimidating for new LPs.
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