FG, CRCC sign $3.9b Itakpe-Abuja railway agreement

The federal government has signed a $3.9 billion agreement with a Chinese firm for the construction of railway from Itakpe to Abuja and construction of seaport in Warri.

To repay the 75 percent loan, the Federal government revealed that the rail would be managed by the CRCC for 30 years after which it would be handed over to the federal government. Amaechi said: “The signing ceremony that we have today is the first PPP railway agreement for Abuja- Itakpe or Abuja-Baru-Itakpe and Lokoja and it is between Nigeria and CRCC. The agreement is to be 15% Nigeria equity and 10percent CRCC equity and then we will borrow 75 percent as SPV from the Chinese bank.

On transfer of technology and knowledge, the Minister said there was need for the Chinese firm to engage Nigerian engineers and contractors. Wenzhong expressed hope that construction of Ibadan dry port would commence before the end of the year.

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