Nigeria has announced that it plans to go ahead with the construction of a 4 000-kilometre high-speed rail network to connect key economic corridors, enhance trade and promote national integration.
This comes after the Secretary to the Government of the Federation (SGF), Senator George Akume, met with management of De-Sadel Nigeria Limited and its financial partners, China Liancai Petroleum Investment Holdings Limited, in Abuja.
The meeting served to formalise the $60 billion proof-of-funds presentation for the project.
SGF said in a statement that the meeting with the investors had been “highly encouraging” and that the proof-of-funds for the initial phase of the project would undergo verification processes in line with standard government procedures.
Minister of Transportation, Senator Sa’idu Alkali, said the project aligned with his department’s mandate to provide safe, secure, efficient and affordable transport services, while advancing President Bola Tinibu’s vision of attracting foreign investment into critical infrastructure.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, assured investors that the government was ready to supply adequate gas to power the project, highlighting Nigeria’s proven reserves of 210 trillion cubic feet of gas and an additional 600 trillion cubic feet in deep offshore deposits.
De-Sadel Nigeria Limited CEO, Samuel Uko, said the project would be executed in phases, with the first phase of approximately 1 700kms covering Lagos, Abuja, Kano and Port Harcourt.
He said completed sections would be opened to the public ahead of the scheduled 36-month completion period.
Director General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, explained that the submission of proof-of-funds was a statutory requirement for projects of this magnitude.
He assured investors that the commission would carry out a thorough review and validation to ensure the financial and technical viability of the proposal.
