The Federal Government of Nigeria, in partnership with De-Sadel Nigeria Limited and China Liancai Petroleum Investment Holdings Limited, is poised to commence construction of a $60 billion high-speed rail and gas infrastructure project spanning 4,000 kilometers across six states.
The announcement was made on Tuesday in Abuja during the presentation of a $60 billion proof-of-funds to the Secretary to the Government of the Federation (SGF), Senator George Akume.
Samuel Uko, Chief Executive Officer of De-Sadel Nigeria Limited, highlighted that the first phase of the project, funded by the Asian Development Investment Bank, will cover approximately 1,600 kilometers, connecting Lagos, Abuja, Kano, and Port Harcourt.
“This administration has granted nearly 90% of the necessary approvals. We have now submitted the proof-of-funds, and construction will proceed in phases, allowing Nigerians to enjoy train services as sections are completed within the 36-month timeline,” Uko stated.
He emphasized the project’s reliance on gas for power, noting that gas development is integral to ensuring a sustainable energy supply for the rail system.
The SGF, Senator Akume, described the engagement as “stimulating” and assured that the proof-of-funds would undergo thorough scrutiny to verify its authenticity, in line with international standards.
“President Bola Tinubu’s administration is business-friendly, and we are committed to reliable and mutually beneficial partnerships,” he said.
The Minister of Transportation, Senator Sa’idu Alkali, noted that the project aligns with the ministry’s mandate to provide safe, secure, and affordable transportation, as well as the President’s directive to attract foreign investment.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, assured investors of adequate gas supply, citing Nigeria’s proven reserves of 210 trillion cubic feet and an additional 600 trillion cubic feet in deep-sea deposits.
Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), emphasized that the submission of proof-of-funds is a mandatory step, and the commission will rigorously review the financial and technical viability of the proposal.
“This project aligns with the President’s vision that Nigeria is open for serious business,” he added.
The high-speed rail, once completed, is expected to reduce travel times, lower transportation costs, and enhance trade and investment opportunities across the connected states, marking a significant upgrade to Nigeria’s transportation infrastructure.