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FG Moves To Displace 5000 Cars Daily With $1.2bn Green Line Project

BY CHIKA OKEKE, Abuja

Minister of Finance, Taiwo Oyedele

The Federal Government has advanced plans to displace 5000 cars daily along critical transit corridors, through the Lagos Rail Mass Transit (LRMT) Green Line project, expected to cost about $1.2 billion.

Executed by the Ministry of Finance Incorporated (MOFI) in partnership with the Agence Française de Développement (AFD), the project is a major infrastructure initiative by the Lagos State Government.

The Adviser to the Ministry of Finance on Green Growth, Temitope Akinyemi stated this on Tuesday at a High-level roundtable on ‘Operationalising Nigeria's Carbon Markets through Robust Measurement, Reporting, and Verification (MRV)’, organised by the National Council on Climate Change (NCCC) in collaboration with the European Union (EU) in Abuja.

He outlined how recent macro-economic structural reforms are driving climate action, highlighting the critical role of carbon markets for national fiscal strategy, and announced major green infrastructure projects.

The adviser said: “We are promoting a number of large-scale projects that we intend to integrate carbon credits into and one of them is the Lagos Green Line that is going to be an electric rail project about $1.2 billion in Lagos, in partnership with the French Development Finance. It will displace about 5,000 cars a day.”

Akinyemi revealed that the removal of fuel subsidies and Foreign Exchange (FX) unification under President Bola Ahmed Tinubu’s administration made low-carbon alternatives like Compressed Natural Gas (CNG), solar and Electric Vehicles (EVs) commercially competitive without requiring direct green subsidies.

The Green Line is a 68-to-70-kilometer rail transit corridor designed to run from Marina on Lagos Island to the Lekki Free Trade Zone and Epe, featuring about 17 stations and routing through Victoria Island, Ajah, and Sangotedo.

While debt remains the predominant international climate finance mechanism, the Ministry of Finance rates carbon markets as a vital tool to expand non-debt fiscal headroom and generate non-tax revenue.

Akinyemi pledged 120 percent operational support to the leadership of the NCCC to swiftly move from governance frameworks to live carbon credit issuance.

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