The Oyo State Government has signed a signed a Memorandum of Understanding (MoU) with the China Civil Engineering Construction Company (CCECC) for the construction of a 38-kilometer light rail system in Ibadan, this happened at the executive chamber of the Governor’s office in Ibadan.
The Commissioner for Works and Transport in the state, Mr. Wasiu Dauda, who briefed journalists after the MoU was signed said the exercise was witnessed by members of the executive council of the state with the Governor saying the development would be a milestone in his administration’s quest to modernize major cities in the state.
The project would be executed on a Public Private Partnership (PPP) agreement between the Oyo State Government and the construction company; 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 38-kilometer rail would stretch from the Toll-Gate/Sanyo axis of the state to Queen Elizabeth Way (Dandaru, Mokola) before terminating at Ojoo axis of the state.
Abiola Ajimobi, the Governor of Oyo State, had earlier said in March that the inter-city light rail project would be completed before the end of his administration in 2019. The project has completion duration of 12 months. Construction will commence from the day the company secures the loan facility within the next 5 months.
Mr Jack Lyao, the Executive Director, CCECC, who led top officials of the company to the signing said the company was very eager to hand over a very profitable project to the state.
He assured them that the company would do the needful to ensure that the project did not exceed the approved period from the day the loan facility was secured.