Railway:FG Solicits for Funds from Private  Sector

Railway:FG Solicits for Funds from Private  Sector

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The Minister of Transportation, Mu’zau Sambo on Tuesday, solicited for private sector funding for the development of the railway sector.

Sambo stressed that  funding remains a major challenge for the country in its bid to attaining rapid development in the railway sector.

Sambo disclosed this during his address at the 2nd International Railway Conference, themed Powering AFCFTA with sustainable railway development,which held in Abuja.

The Minister who was represented by his permanent secretary, Dr Magdalene Ajani, solicited for funds amongst the private sectors.

He said “I wish to inform this  forum thet funding has been the major challenge hindering the Ministry from attainment of the needed rapid development in the railway sector. Therefore, to address this, injection of institutional or private Investor’s fund has to be contemplated either in form of direct foreign or focal investment on PPP basis or through concessionary or commercial loans.”.

He mentioned this as regard the ongoing railway project, he said, “The Nigerian Railway Corporation (NRC) Is making concerted efforts at improving and sustaining Intra and Intercity Mass fransit Rail Services in the State Capitals along the rail corridor, notably “Lagos, Abeokuta, Ibadan Oshogbo, fforin, Minna, Kaduna and Kano.These milestone projects are the outcome of Mr. President’s determination to develop, upgrade and modernize Nigerian Transport infastructure, as well as the relentless push by the Ministry of transportation to fully deliver on the Mr. President’s vision.” He added.

In his own words, the President of the Abuja Chamber of Commerce and Industry (ACCI), Dr Al-mujtaba Abubakar noted that the “conference seeks to ignite conversation around the development of the railway system in Africa and how Africa can power continental free trade with sustainable railway development agenda, surrounding major issues such as; needed financing, imperative of continental railway standardization and the urgency of closer economic bloc collaboration in the railway development process in Africa.”

He added that the signing of the African Continental Free Trade Area (AFCFTA) the signing of AfCFTA agreement is a landmark development requiring complementary growth and development in logistic and infrastructure sectors of the continent. 

Speaking on the security of the railway transport system, the Minister of the Federal Capital Territory, Mohammed Bello who was represented by the Executive Secretary of the Federal Capital Development Authority, Shehu Ahmed, stated that the country is very prepared, not withstanding the incident that happened at the Abuja-Kaduna Railway system. 

He also assured that the corridor had been cleared and secured with surveillance on daily basis.

Also in attendance are the Minister of Transportation, Republic of Chad, Fatima Goukouni Weddeye, Minister of Transportation, Algeria  represented by the Ambassador of Algeria to Nigeria, and others.

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