Nigeria: Country, China Source Alternative Funding for Railway Projects

26 January 2009

Transportation Minister, Alhaji Ibrahim Bio who disclosed this in Abuja while receiving the visiting Ambassador of the People's Republic of China, Mr. Xu Jianguo in his office, said the initial conception by the federal government to fund the railway projects from the oil revenue is no longer feasible under this current development.

He explained that, "the project was initially conceptualized for funding from government revenue from oil but based on current realities in the international market today, and in view of the global economic meltdown, the expected source of funding will be insufficient which gives rise to the search for alternative sources of funding."

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