The Lagos State Governor, Mr Babajide Sanwo-Olu, has said the state has engaged in a partnership with the International Finance Corporation to tackle transport challenges in the state. According to him, IFC provided a twenty billion seven hundred twenty-six million five hundred thousand naira loan to help Lagos develop, finance, upgrade and operate two bus corridors.
The governor disclosed this on Wednesday, noting that the projects are expected to benefit more than 150,000 passengers per day as well as reduce travel time for residents.
Sanwo-Olu also explained that the partnership will drive economic opportunities and social development and connect people to social services through the vast transportation network in the state.
He said, “As governments continue to increase transportation capacity to meet the critical transport challenges, well-structured public-private partnerships under the right circumstances are one approach that will scale up our deliverables in the THEMES development agenda.
“Through the partnership, IFC is providing a twenty billion seven hundred twenty-six million five hundred thousand naira loan to help Lagos develop, finance, upgrade and operate two bus corridors, measuring eight kilometres, in the Abule-Egba-Command and Ile Iwe-Ile Epo neighbourhoods, two of the most densely populated and congested parts of the city.”
The Commissioner for Finance, Dr Rabiu Olowo, said the partnership with IFC on the two bus corridors will provide safe, efficient, cost-effective transportation in the state.
“We remain focused on providing opportunities for increased economic activities, within the state, that encourage businesses to grow and improve livelihoods,” he said.
The Senior Country Manager for Nigeria, IFC, Mr Kalim Shah, said, “As urbanisation accelerates, it is important that people have access to affordable and environmentally sustainable transportation.
“This partnership with Lagos State will help strengthen economic growth, improve access to transport, address environmental pollution, and ultimately improve the lives of Lagos residents.”
