PRESS RELEASE

Fashola pledges active legislation
for Lagos Rail projects
… assures investors of security of investment

Governor Babatunde Raji Fashola (SAN) has assured potential investors in the Lagos Rail Mass Transit (LRMT) projects of the security of their investment, saying the State has a robust legislation on law and order as well as one that secures the culture of civic responsibility. Addressing a cross-section of investors from Europe and the Americas at the just concluded Lagos State Infrastructure Workshop, Governor Fashola spoke of the desire of his administration to be more creative in the management of the challenges of population growth in Lagos State. “Infrastructure development is the foundation to achieving our aspiration. This is the way we see it and this is fundamental on whose behalf we hold authority,” he said, while informing the investors of the opportunities available in electricity generation, road construction, which could be tolled, bus and taxi franchising, car and bus assembly plants. He described the Lagos State economy as one that is dying to be served asserting that he leads a new generation of young Nigerians who believes Lagos can be the model mega city for Africans. “Whatever we are doing for Lagos, we are doing it for an enlightened self interest. And while we do this, we offer our integrity as successful lawyers, bankers, academic, transport planners, city planners, technocrats as our collateral,” he added. In response to questions on cost and time wasted in doing business with the government, Governor Fashola further disclosed that a Business Ways and means Committee had been set up to reduce the time and cost of doing businesses both for the public and private sectors.

Lagos State Governor, Mr. Babatunde Raji Fashola (SAN) speaking at the London Investors Forum for the Lagos Rail Mass Transit (LRMT), held at Haberdashers Hall, London. . Managing Director, Lagos Metropolitan Area Transport Authority, Dr. Dayo Mobereola, Technical Advisor, Public Transport/Traffic Management, LAMATA, Engr. Gbenga Dairo (L) and President and CEO, CPCS Transcom, Mr. Peter Kieran during the presentation of the Lagos Rail Mass Transit (LRMT) to investors in London. .

Speaking on the two rail lines the State Government is implementing for the State, Governor Fashola assured that the State Government will build infrastructure for the Red line (Agbado to Marina) and Blue line (Okokomaiko to Marina) while the private sector would be expected to provide the rolling stock and run the system on a concessionary basis.

At a forum specifically designed for the LRMT, investors sought clarifications on operational issues bordering on power, legislation and social challenges that may face the implementation and eventual operations of the system.

The Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Dr. Dayo Mobereola assured that there was adequate and robust legislation in place to guarantee the perpetual succession of the LRMT as well as tackle social challenges that may arise.

On the issue of power, Dr. Mobereola said though the operating rolling stock would be powered by diesel, providers interested in the operations of the LRMT could also come up with proposal on other sources of power, which would at once be efficient as well as cost effective.

On the source of funding for the LRMT, Dr. Mobereola disclosed that since the project would be funded directly by the state government, provision had been made to provide funding for the projects in the state budget for the next three years.

Besides, he said substantial funding would also come from the N275 billion bonds the state government intends to float for the financing of infrastructural redevelopment in the state over the next three years.

For more information, please contact:
Kolawole Ojelabi
External Relations Specialist
Lagos Metropolitan Area Transport Authority (LAMATA)
Tel: 01-2792778-82 Ext. 200, 01-7905343; Fax 01-2792783
Mobile: +2348038556452
Email: kojelabi@lamata-ng.com