Nigeria: FEC Approves U.S.$11.174 Billion for Construction of Lagos-Calabar Coastal Rail

5 August 2021

The Federal Executive Council (FEC) has approved $11.174 billion for the construction of a standard-gauge coastal railway from Lagos to Calabar. FEC also approved the award of two contracts to the tune of N6.2 billion and N2.31 billion, respectively, for the construction of two power substations in Jigawa and Akwa Ibom states.

The council approved the acquisition of 20 per cent minority stake by the Nigerian National Petroleum Corporation (NNPC) in Dangote Petroleum and petrochemical refinery in the sum of $2.76 billion. This was as hope for the restoration of the country's four refineries in less than eight years from now was raised yesterday.

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