FG, China to Conclude Negotiations on Financing Rail Projects
The federal government and the China Exim Bank have started final negotiations on the financing of some of the remaining rail projects in the country.
This was disclosed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who identified some of the rail projects as Katsina-Kano-Maradi line and the Ibadan-Kano rails, among others.
Ahmed disclosed during a virtual opening ceremony of Nigeria Finance Online, that the projects were part of the present government’s efforts to boost infrastructural development.
She said, “With respect to infrastructural development, there are several projects being executed within the country as we speak. We are currently at the final stage of negotiations with China Exim Bank for the financing of the Ibadan-Kano section of the Lagos rail line, which will significantly boost trade across Nigeria and in the continent of Africa.
“We are also at the final stage of negotiations of financing for another rail line for not just the Ibadan-Kano one but also the Lagos-Kano rail line which will significantly boost activities and an additional rail line that will pass through Katsina-Kano, going up to Maradi in Niger Republic to open up trade relations with our neighbours.
“Furthermore, the president recently approved the creation of a $2.4 billion infrastructure company which will accelerate the development of infrastructure in the country.”
It would be recalled that the federal government said it had set aside N12.6tn for the construction of four standard gauge rail lines in different parts of the country, including Kano-Katsina-Maradi border rail line, this year.
Some of the projects according to the Transportation Minister, Hon Rotimi Amaechi include 378km single-track standard gauge rail line traversing Kano–Katsina–Jibiya, a 20km extension to the commercial border town of Maradi in Niger Republic and a branch line in Kano-Dutse.
Amaechi said the projects would be funded with foreign loans.
The rail projects are being carried out by the China Civil Engineering Construction Corporation (CCECC).
This was disclosed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who identified some of the rail projects as Katsina-Kano-Maradi line and the Ibadan-Kano rails, among others.
Ahmed disclosed during a virtual opening ceremony of Nigeria Finance Online, that the projects were part of the present government’s efforts to boost infrastructural development.
She said, “With respect to infrastructural development, there are several projects being executed within the country as we speak. We are currently at the final stage of negotiations with China Exim Bank for the financing of the Ibadan-Kano section of the Lagos rail line, which will significantly boost trade across Nigeria and in the continent of Africa.
“We are also at the final stage of negotiations of financing for another rail line for not just the Ibadan-Kano one but also the Lagos-Kano rail line which will significantly boost activities and an additional rail line that will pass through Katsina-Kano, going up to Maradi in Niger Republic to open up trade relations with our neighbours.
“Furthermore, the president recently approved the creation of a $2.4 billion infrastructure company which will accelerate the development of infrastructure in the country.”
It would be recalled that the federal government said it had set aside N12.6tn for the construction of four standard gauge rail lines in different parts of the country, including Kano-Katsina-Maradi border rail line, this year.
Some of the projects according to the Transportation Minister, Hon Rotimi Amaechi include 378km single-track standard gauge rail line traversing Kano–Katsina–Jibiya, a 20km extension to the commercial border town of Maradi in Niger Republic and a branch line in Kano-Dutse.
Amaechi said the projects would be funded with foreign loans.
The rail projects are being carried out by the China Civil Engineering Construction Corporation (CCECC).
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