The minister made the disclosure at a public hearing in the House of Representatives on a Bill for an Act to Repeal the Nigerian Railway Corporation Act on Monday in Abuja.
The hearing also focused on a bill for an Act to provide for the establishment of three National Transport Commission.
Amaechi revealed that the Federal Government and General Electric had concluded arrangements for the commercialisation of the Lagos-Kano railway project.
He explained that the measure was intended to guarantee efficiency, competitiveness and profitability in the sector.
While declaring the public hearing open, Yakubu Dogara, the Speaker, House of Representatives, expressed optimism that if the obsolete Act of the Nigeria Railway Corporation was repealed, Nigerians would enjoy cheaper means of transporting their goods.
He said Nigerians would also enjoy quality services and the incessant damage to roads by heavy duty trucks would be reduced.
The sponsor of the National Transport Commission Bill, Hon. Ncholas Ossai (Delta-PDP), said that the bill would curb revenue loss of about 30 per cent accrued to the federation. According to him, the loss is due to non-integration in the transport sector.