The Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, has underscored the pivotal role of the South East Development Commission (SEDC) in the Federal Government’s efforts to expand and modernise railway infrastructure in the South East during a courtesy visit from the SEDC in Lagos on Wednesday.
Dr. Opeifa explained that the Federal Government is prioritising the rehabilitation and expansion of railway networks to enhance mobility, reduce transportation costs, and bolster economic productivity.
“NRC has successfully constructed over 1,000 kilometres of new and refurbished rail lines in the past decade, representing a significant milestone in railway development,” he stated.
He emphasised, “The railway system is integral to Nigeria’s transportation network. Without an efficient railway, our economy cannot realise its full potential.”
The NRC MD noted that revitalising the railway sector would lead to a substantial reduction in goods costs, benefitting both businesses and consumers.
Key discussions during the visit included ongoing projects, notably the rehabilitation of the eastern corridor railway line, which aims to restore connectivity between major cities in the South East and the rest of the country.
Additionally, the NRC MD addressed concerns regarding the availability of railway assets, confirming that the NRC is actively working to repurpose outdated infrastructure and enhance service delivery.
Mr Mark Okoye, Managing Director of the South East Development Commission (SEDC), outlined an ambitious roadmap to transform the region into Nigeria’s preferred investment destination by 2030.
He emphasised the importance of the partnership in aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the broader objectives of the United Nations Industrial Development Organization (UNIDO) for national growth.
“For over five decades, the South East region has advocated for a structured development framework. Under this administration, in less than a year, we have seen historic progress with the establishment of the SEDC,” he said.
“The commission, inaugurated on February 11, has identified five key sectors to drive the region’s economic expansion from $40 billion to $200 billion within a decade. These sectors include agriculture, industrialisation, technology, creative economy, and tourism, with infrastructure serving as the enabling foundation.
“Our goal is to create a seamless business climate across all five states in the region. We aim for consistency in ease of doing business policies, laws, and investment regulations to attract both domestic and international investors.”
Okoye stressed that the commission is committed to ensuring project sustainability by making initiatives bankable, reducing reliance on government funding, and fostering private-sector participation.
He added that the commission plans to establish an investment fund through an investment corporation to finance long-term projects, ensuring financial independence within a decade.
The delegation also highlighted the enhancement of security and the investment climate as immediate priorities, recognising that economic transformation cannot thrive without a stable environment.
