In what appeared like another milestone in transportation, the Lagos State government last weekend secured the Right of Way (ROW) for the Iddo-Agbado Corridor for the proposed Mass Transit Train Services (MTTS) .
The agreement was sealed with the relevant stakeholders in the transport ministry in Abuja.
The scheme, already has attracted $2.4 billion investment plan from the private sector, and is expected to ferry 1.8 million daily from Agbado in Ogun State to Iddo in Lagos State.
These disclosures were made by the honourable minister of transport, Senator Idris Umar at the ceding and handing over of the Right of Way for the corridor in Abuja.
Already, The Marina Express Train Service Ltd (METSL) has sealed pact with The Infrastructure Bank (TIB) to construct the proposed Lagos Metro Rail Transit (LMRT) named Red Line.
When completed, the Lagos State Mass Transit Train Services (MTTS), named “Red Line’’,has been projected to significantly impact on the growth and development of the Lagos-Ogun states’ industrial and economic zones.
The Minister disclosed that “the royalties due to the Nigeria Railway Corporation (NRC), arising from the use of the corridor by the Lagos State government over the life of the project shall be valued. It shall be converted to Federal Government equity in the consortium that will implement and manage the project over the concession period.
