FEC Approves $2.99bn Rail Projects to Boost Economy

On Thursday, the Federal Executive Council (FEC) approved three significant rail infrastructure projects totaling $2.99 billion as part of the Nigerian government's initiative to modernize transport and boost the economy. The projects include the Lagos Green Line Rail, Kano State Metro Rail, and Kaduna State Rail Project, aimed at alleviating urban congestion and enhancing mobility across key urban corridors.

Prof. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, announced that these projects are already included in the 2025 budget and are expected to strengthen the capital component of Nigeria's overall investment framework. Additionally, the FEC resolved a long-standing concession dispute regarding the Murtala Muhammed Airport Terminal 2 (MM2) in Lagos, involving businessman Wale Babalakin.

The settlement includes waiving a claim of N132 billion in damages and restoring federal ownership of the terminal, with a commitment to complete the stalled hotel project within two years.