RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

FG Plans N5 Billion Upgrade for Abuja Rail Transit System Amid Economic Crises.

Stephen Akudike by Stephen Akudike
September 13, 2023
in Economy
Reading Time: 2 mins read
A A
0
FG Plans N5 Billion Upgrade for Abuja Rail Transit System Amid Economic Crises.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigerian government has revealed its ambitious plans to upgrade the Abuja Rail Mass Transit (ARMT) System, one of the country’s only metro systems. The N5 billion contract for the project was announced by Mr. Olusade Adesola, Permanent Secretary of the Federal Capital Territory Administration (FCTA), on Friday.

The project will be executed by China Civil Engineering Construction Corporation Ltd (CCECC) and is expected to be completed within 12 months. The aim of the upgrade is to restore the vital rail transportation infrastructure, which Mr. Adesola described as the “lifeblood of Abuja city.” The enhanced Abuja light rail is expected to play a crucial role in easing transportation challenges and enhancing mobility for residents.

AlsoRead

Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

Mr. Adesola acknowledged that the COVID-19 pandemic necessitated the temporary shutdown of the rail system as part of measures to curb the spread of the virus. Unfortunately, during this period, the equipment suffered damage from vandals. To address this issue, contracts for the provision of security for the ARMT System have already been awarded. The authorities are committed to safeguarding this valuable asset and will implement modern security measures to protect against future threats.

The rehabilitation process will involve the repair and replacement of damaged equipment and the upgrading of facilities. The project will focus on revitalizing the 45.245-kilometer stretch of the Abuja Rail Mass Transit System, known as Lots 1 A and 3. The initial ARMT system was planned to span 77.775 km, but only 45.245 km was completed in 2017. It was commissioned in 2018 and underwent a trial operation service that lasted for 20 months. The successful completion of the rehabilitation will bring back the Metro Line services, marking a significant milestone in the city’s transportation infrastructure.

The Director of Transportation, FCTA, Mr. Joseph Akinteye, expressed enthusiasm about the project, stating, “We will soon witness the return of a more efficient and reliable transportation system. This is not just about repairing physical infrastructure; it is a testament to the resilience of our city and its people. It showcases our determination to overcome challenges and our unwavering commitment to the welfare of our citizens. It is a demonstration of our government’s dedication to creating an enabling environment for economic growth and social well-being.”

In related news, as part of efforts to cushion the effects of the fuel subsidy removal, Nigerian lawmakers and administrators have been exploring alternative energy solutions for mass transit. President Tinubu recently announced plans for 3,000 gas-powered buses, while Delta and Ogun states have also revealed their intentions to introduce electric vehicles.

With the ARMT System upgrade set to begin, residents of Abuja eagerly anticipate the return of a more efficient and reliable transportation system, further enhancing the city’s connectivity and promoting economic growth.

Tags: #Infrastructure#NigeriaAbuja Rail Transit SystemEconomic GrowthFederal Governmentfuel subsidyN5 BilliontransportationUpgrade
Previous Post

Ethiopian Airlines to Manage Nigerian Air as It Begins Operation In October.

Next Post

Nigeria’s Pension Assets Surpass N16.7 Trillion Amidst Increased Competition and Regulation.

Related News

Seplat Energy revenue grows by 29.8% in 2022

Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

by Akpan Edidong
July 31, 2026
0

Seplat Energy Plc has entered a legally binding agreement to dispose of a 10% working interest in its joint venture...

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

by Victoria Attah
July 28, 2026
0

Corporate borrowers and state-backed entities paid coupon rates as high as 20% to access Nigeria’s debt capital market in the...

Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

by Jide Omodele
July 28, 2026
0

Nigeria’s foreign exchange market recorded its highest weekly turnover of 2026, with total transactions in the FX Spot and Derivatives...

US Imposes 12.5% Tariff on Nigerian Exports Over Forced Labour Concerns

by Victoria Attah
July 27, 2026
0

The United States has imposed a 12.5% tariff on most Nigerian exports following a Section 301 investigation that concluded Nigeria...

Next Post
Nigeria’s Pension Assets Surpass N16.7 Trillion Amidst Increased Competition and Regulation.

Nigeria's Pension Assets Surpass N16.7 Trillion Amidst Increased Competition and Regulation.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Seplat Energy revenue grows by 29.8% in 2022

Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

July 31, 2026
Seplat Energy Nigeria Offers Internship Opportunity to Nigerian Undergraduate Students.

Seplat Posts 74% Pre-Tax Profit Jump to N790bn, Declares Record US$0.12 Dividend

July 31, 2026

Popular Story

  • Seplat Energy revenue grows by 29.8% in 2022

    Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0
  • World Bank: Trade Restrictions Caused 9% of the Rise in Food Prices

    0 shares
    Share 0 Tweet 0
  • First HoldCo Approves 60% Dividend Payout Policy After Record Half-Year Profit Surge

    0 shares
    Share 0 Tweet 0
  • Seplat Posts 74% Pre-Tax Profit Jump to N790bn, Declares Record US$0.12 Dividend

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>