FG plans to concession railway facilities to boost Foreign Direct Investment

The Federal Government has stated its plans to concession railway facilities on completion to capable private concerns which will boost Foreign Direct Investment (FDI). To this end, the government has articulated broad latitudes to facilitate beneficial private sector participation and remains deeply committed to steadily improving the inventory of Railways Rolling Stock.

The Vice President, Namadi Sambo stated this while representing President Goodluck Ebele Jonathan at the formal launching and commissioning of two new sets of air-conditioned Diesel Multiple Units (DMU’s) and six 68 seater air-conditioned long distance coaches procured by the Nigerian Railway Corporation (NRC), at the Lagos Railway Terminus, Iddo, Lagos state.

Sambo stated that, ‘this administration accords top priority to the development of infrastructure as a key component of our transformation Agenda’. ‘In this regards, several projects across all critical sectors such as roads, water, power, aviation, housing, education and health are being undertaken by this administration; some have been completed and others are under way’, he said.

The Vice President said that, ‘in order to resuscitate and revitalize the railway sector which had suffered neglect in the past three decades, the Federal Government articulated a 25 year Strategic Rail Vision Plan’. ‘The vision entails the rehabilitation of the existing narrow gauge rail lines, the construction of new standard gauge lines and their operations and maintenance to be sourced through private sector investments’.

The ongoing railways rehabilitation and modernization he said will continue to be executed by the Federal Government using the combination of funding from regular budget as well as concessionary loans from partners such as CHINA EXIM and other Banks. Vice President Sambo took a ceremonial ride from the Lagos Railway Terminus, Iddo to Ikeja Station.

Earlier, the Chairman of the NRC, Bamanga Tukur expressed gratitude to President Jonathan for his continued commitment to the transformation of the transport sector while imploring commuters and other stakeholders to continue to give support to the government in its bid to give Nigerians a worthwhile means of travelling. He noted that the president’s transformation agenda is finding expression in the revitalization of the transport sector.

The Minister of Transport, Idris Umar particularly extolled the commitment of the government in its efforts to deliver the dividends of democracy to Nigerians especially in the transport sector. The Deputy Governor of Lagos State, Adejoke Adefulure, on behalf of Governor Babatunde Fashola congratulated President Jonathan and the management of the NRC in its efforts at improving the transport system in Lagos which is Nigeria’s economic nerve center and in the country at large. She pointed out that the new infrastructure will require periodic maintenance to function maximally and cautioned that utmost priority be accorded at all times to the safety of commuters.

Dignitaries in attendance at the event included the Managing Director and Chief Executive Officer of the NRC, Adeseyi Sijuwade, members of the National Assembly, Ministers, the manufacturers of the coaches, CSR Nanjing Puzhen Co. Ltd. China/ KINTECH (Nigeria) Ltd., Board Members and officials of the NRC, stakeholders in the sector and captains of industries among others.

Culled from: http://www.dailytimes.com.ng