The presentation took place in Abuja before the Secretary to the Government of the Federation (SGF), Senator George Akume, marking a milestone in a decade-long project plan.
Chief Executive Officer of the De-Sadal Consortium, Samuel Uko, disclosed that the financing will be sourced from the Asian Development Investment Bank. He described the moment as “a very great day in the life of this administration,” noting that the current government has granted “almost 90% of approvals” for the rail initiative.
According to Uko, the first phase of the project—valued at $55 billion—will link four major cities: Lagos, Abuja, Kano, and Port Harcourt. “The federal government, through the ICRC, has approved the outline business case. The next step was to submit the proof of funds, which we have now done. In the shortest possible time, Nigerians will start enjoying high-speed rail,” he said.
He explained that the rail project is closely tied to the development of Nigeria’s gas infrastructure, stating: “You cannot develop high-speed rail without developing the gas aspect of the economy. The raw material for power is gas, and the raw material for high-speed rail is power. We have to boost gas supply to power the trains.”
The consortium projects that the first 1,600km phase will take 36 months to complete, though partial operations will begin earlier. “From Lagos to Lokoja, once we complete sections in the first two or three states, people there will begin to enjoy the service,” Uko said.
Responding to the presentation, SGF George Akume stressed that the proof of funds will undergo “critical scrutiny” to ensure credibility and compliance with international best practices. “This administration is business-friendly, but partnerships must be reliable, credible, and mutually beneficial. The high-speed trains project is a welcome development, but we will examine the proof of funds carefully before proceeding,” he stated.
Minister of Transportation, Senator Said Alkali, highlighted that the project aligns with President Bola Tinubu’s directive to provide safe, secure, and affordable transportation while attracting foreign investment. “We have already secured the outline business case approval from the ICRC. The next step is preparing the full business case for submission to the Federal Executive Council,” he noted.
If approved, the high-speed rail and gas project is expected to significantly enhance Nigeria’s connectivity, spur economic growth, and modernise the country’s transport landscape.
