Nigeria has taken a major step toward modern rail transport as the Infrastructure Concession Regulatory Commission (ICRC) approved the Outline Business Case (OBC) for the country’s first high-speed bullet train. China Liancai Petroleum Investment Holdings will fund the $60 billion project.
The announcement followed a high-level meeting in Abuja attended by Secretary to the Government of the Federation George Akume, Minister of Transportation Said Alkali, and Minister of State for Petroleum Ekperike Ekpo. The officials discussed the investment agreement and outlined the next steps for execution.
With the OBC secured, the Nigerian-led Desadel Consortium can now prepare the Full Business Case (FBC) for submission to the Federal Executive Council.
Decade-Long Vision Finally Moves Forward
Desadel CEO Solomon Uko explained that the project had been in planning for ten years but made little progress until recently. Under the current administration, almost 90% of the necessary approvals are now in place.
Uko confirmed that China Liancai’s investment is guaranteed. He and his partners presented official proof-of-funds documents during the Abuja meeting, marking a critical milestone.
“This administration has brought real momentum. Today, we submitted proof of funds to the government,” Uko said.
Government Sets Verification Process
George Akume stated that the investment aligns perfectly with Nigeria’s infrastructure expansion strategy. However, he stressed the importance of verifying the documents to confirm the available capital.
Although the government trusts the investors, he noted that such verification is a standard procedure to ensure the stated funds are genuine.
Energy Resources Ready for Operations
Minister Ekperike Ekpo assured stakeholders that Nigeria’s abundant gas reserves can fully meet the project’s energy requirements. In addition, Minister Said Alkali confirmed that his ministry submitted the OBC to the ICRC and will now concentrate on completing the FBC.
ICRC Director-General Oseodion Ewalefoh emphasized that the commission will carefully review all submissions to ensure full regulatory compliance before final approval.
Project Scope and Timeline
The first phase will link four states, including the Federal Capital Territory. Once construction begins, the project is expected to be completed within 36 months.
If delivered as planned, the bullet train will revolutionize travel, reduce journey times, and boost economic growth across Nigeria.