The federal government of Nigeria has concluded plans to borrow USD 6.1 billion from the Chinese Export-Import (Exim) Bank in order to complete all of its ongoing rail projects by the end of 2019.
Nigeria’s Minster of Transport, Rotimi Amaechi, revealed these plans in the Ministry’s 2017 budget at the National Assembly in Abuja. Construction of the Lagos – Ibadan and the USD 1.2 billion Kano – Kaduna lines have been targeted in the budget, as well as the first phase of the Coastal Rail line (Lagos – Calabar).
“Our plan is to complete the rail projects in 2019,” Amaechi says. “Once our borrowing plan of USD 6.1 billion from the Chinese Exim Bank is approved by the National Assembly, we will be able to access the loan from the Chinese government and work will commence immediately.”
The total capital budget for the Federal Ministry of Transport is USD 800 million for 2017.
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