Japan to invest $1bn in Lagos monorail project.

   The Lagos State Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade on Monday disclosed that France and Japanese Governments will be investing the sum of $1 billion in the construction of mono rail project in the State.

   Disclosing this in Alausa during a Ministerial press briefing in commemoration of Lagos State Governor, Akinwunmi Ambode’s first year in office, Ashade explained that the continued increase in the state population had put pressure on the state government to partner other governments in a bid to improve the standard of living in the state.

According to Ashade, both countries had earmarked the funds following the state government’s previous achievements.

He said, “In a bid to expand its development partnership with the Lagos State Government in urban mass transportation, Japanese International Cooperation Agency, JICA will commit the sum of $1billion to development of a mono rail which will connect Marina to Victoria Island and Ikoyi.”

   The Commissioner said the need for the project was the outcome of the preliminary survey on Mass Rapid Transit, MRT system in Lagos metropolis conducted by JICA and Lagos Metropolitan Transport Authority, LAMATA.