The Delta State Deputy Governor, Sir Monday Onyeme has said that the State Economic Team would study a proposal of investors for a rail system of transportation in the state and other areas of investment.
Sir Onyeme stated this when he received the Managing Director and Chief Executive Officer of Jezreel Engineering Services Limited during an audience in his office at Government House, Asaba.
He said the construction of rail was capital intensive hence the federal government was finding it difficult to successfully rehabilitate and construct proposed rail across the country.
The Deputy governor noted that rail was a good means of transportation of goods and services and recalled how the country had a good system of rail transportation cutting across different parts of the country.
Sir Onyeme observed that the Sukuk option of funding of projects had long tenures, citing the Benin Auchidual carriage road being funded through the Sukukfinancing that was still ongoing after many years.
While describing the Sukuk option of funding of projects was slow and took longer time and advised other financing options.
The Managing Director and Chief Executive Officer, Jezreel Engineering Limited, Mr. Duke Jerome-Scott said he had a general investment proposal for the state,particularly the rail project and the construction of a Resort Centre.
He said his proposal for a rail system in the state would create jobs for the teeming youths, increase internally generated revenue, as well as provide social services to the people.
Mr. Jerome- Scott proposed different rail routes such as Osubi-Effurun- Agbarho – Ughelli – Patani, while another line would be from Agbor – Umunede – Ogwashi-Uku – Asaba – Bridge Head, as well as from Warri axis to Sapele –Oghara -Koko.
He said his proposal would take advantage of the existing federal government rail line from Ujevwu in Udu local government to Itakpe in Kogi state and pay royalties to the federal government like what is done in Lagos State.
According to him, he had proposed funding through the Sukuk financing model because of its long tenorrather than going to the conventional banks with high interest rates, just as he added that the rail would also cover some local areas in the three senatorial districts.
