Thursday, 22 February 2018

Local News

Oyo To Construct 38km Light Rail, Signs Mou With Chinese Contractor

The Oyo State Government has signed an agreement with a China Civil Engineering Construction Company (CCECC) to construct a light rail system in the state.

The memorandum of understanding for the rail construction was signed at the executive council chamber of the Governors office, Secretariat Agodi Ibadan.

The 38kms rail will stretch from the Toll-Gate/Sanyo axis of the state to Queen Elizabeths Way (Dandaru, Mokola) before terminating at Ojoo axis of ibadan the state capital.

Governor Ajimobi who led the Government team said the project is to be executed on a Public Private Partnership agreement between the Oyo state government and the construction giant.

He said the company is expected to source for 85 percent of the required sum while the state government will provide 15 percent as its own counterpart funding of the project.

The State Government assured that the project will not only address the perennial traffic congestion across different parts of the state, but would also boost both the commercial and economic activities of the people of the state.

The Commissioner for works and transport, Mr. Wasiu Dauda while briefing newsmen after the signing which was witnessed by members of the Executive Council assured that in a matter of four or five months, the construction company will secure the needed loan for the project, adding that a key requirement for the loan facility was the signing of the agreement between the parties involved.

The Executive Director CCECC, Jack Lyao, who led top officials of the company to the singing ceremony said the company which is famous for its reputable projects across the country is very eager to hand over a very profitable project for Oyo state.

The light rail project is expected to be completed within twelve months.