Nigeria’s latest railway project, the Lagos-Ibadan line, has been attracting a substantial number of passengers since its launch. However, a new report by Independent Newspaper Nigeria suggests that the railway is struggling financially, despite this strong ridership.
According to the report, the Lagos-Ibadan Railway Corporation (LIRCo) has not disclosed its financial statements publicly, making it difficult to ascertain the exact extent of the financial gap. However, reports from various sources indicate that the corporation is facing significant operational and maintenance costs.
One of the main reasons for these costs is the high level of wear and tear on the railway tracks due to heavy usage. The Lagos-Ibadan Expressway, which runs parallel to the railway, is Nigeria’s busiest highway, carrying an estimated 120,000 vehicles daily.
The LIRCo has been reportedly struggling to maintain the infrastructure and keep up with repairs, leading to delays and cancellations of trains. This has resulted in frustration among passengers, who are increasingly turning to road travel despite the notorious traffic congestion on the expressway.
This financial predicament raises concerns about the sustainability of the railway project, which was launched with high expectations as a solution to decongest Lagos’ roads and reduce travel time between the two cities. The Nigerian government has invested heavily in the project, with hopes that it would stimulate economic growth and improve transportation infrastructure.
As the LIRCo grapples with financial challenges, it remains unclear how the corporation will address these issues and ensure the long-term viability of the railway project. According to Independent Newspaper Nigeria, the corporation has not commented on the matter publicly.
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