The Federal Government is seriously considering private investment in the rail sector starting with the Lagos-Kano rail line, this is according to the Minister of Transportation, Rotimi Amaechi, said yesterday.
The minister disclosed this at the House of Representatives public hearing on Nigerian Railway Authority Bill and the National Transport Commission Bill by the joint transport committees, told the legislators that $166bn was also needed in the next five years to meet the country’s energy and transport infrastructure needs.
This is just as the chairman of the land transport committee, Aminu Isa (APC, Sokoto) said the sector needs urgent intervention as there is no daily rail service in Nigeria.
The minister said an average of $10.2bn was needed by the ministry to cater for the deficit in the sector, making it a total of $50.3bn in the next five years.
“Besides privatization, government also realized a monumental infrastructure deficit which as at 2015 stood at over $3.05tr in 30 years or $166bn in five years with energy and transport infrastructure taking more than 50% of that need.
Transport infrastructure alone needs a whopping $50.9 billion in five years to cover the current gap in the sector, an average of $10.2 billion per year,” he said.
The Speaker, Yakubu Dogara, said new railway amendment bill would reduce the damage done to roads and highways by heavy duty trucks.
