Nigeria Govt in Talks With Standard Chartered For Rail Funding
"The government is in talks with Standard Chartered Bank about arranging funding for two rail projects expected to cost as much as U.S.$14.4 billion, replacing earlier plans to source the loans from Chinese banks", Transport Minister Rotimi Amaechi has said. The government has already concluded contracts with the Nigerian unit of state-owned China Civil Engineering Construction Corporation (CCECC) for both deals. By choosing not to borrow from China, the government will cut its debt, which stood at U.S.$3.4 billion as of the end of March 2021. The two rail projects include the eastern line that links Port Harcourt with Maiduguri and the extension of the Lagos-Ibadan rail line to Kano State. President Muhammadu Buhari said the railway project, when completed, would reactivate economic activities along the eastern corridor, which has been greatly affected by insecurity.
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Nigeria:
Govt Ditches China, Seeks $14.4 Billion Rail Loan From Standard Chartered
Premium Times, 11 June 2021
Choosing not to borrow from China could be a way to cut Nigeria's exposure to the country, which stood at $3.4 billion as of March. Read more »
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Nigeria:
Lagos-Ibadan Rail - CCECC Pressured to Finish 7 Stations Over June Timeline
Daily Trust, 28 May 2021
The China Civil Engineering and Construction Corporation (CCECC), the contractor handling the Lagos-Ibadan rail project, is in a race to meet the June commissioning deadline by… Read more »
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Nigeria:
Flag Off - $1.5bn Lagos-Ibadan Rail Line Will Create Wealth, Business Opportunities - Buhari
Vanguard, 10 June 2021
Shortly after he inaugurated the project, President Buhari took a ride from Ebute Metta Station to Energy Nature Light, ENL, Terminal, Apapa Port, Lagos. Read more »
InFocus
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The government has begun a U.S.$3.2 billion rehabilitation and reconstruction of three projects; the Port Harcourt-Maiduguri Eastern Narrow Gauge railway project; ... Read more »
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President Muhammadu Buhari wants to borrow another U.S.$6.1 billion to fund the deficit in the 2021 national budget. The government expects the budget deficit to be financed ... Read more »
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President Muhammadu Buhari has officially launched the U.S.$1,9 billion Nigeria and Niger Republic rail line project. The new rail corridor will run through three states: ... Read more »
(file photo).