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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