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

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


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..

The agreement, which is Public Private Partnership (PPP), will have Nigeria cover 15 percent of the entire cost of the project while China Railway Construction Corporation (CRCC) will cover 10 percent.

The Minister of Transportation, Rotini Amaechi explained that the government decided to opt for PPP agreement so as to reduce the debt from loans borrowed.

“We will give them sovereign guarantee and they will give us performance bond that protects our sovereign guarantee. When they finish construction, they will manage for 30 years. When they recover their money, the ownership of the asset will revert back to the government of Nigeria. The 15 percent covered by us will be paid gradually.

He said: “We need you to work with us to develop the knowledge of Nigerians and that is why we emphasized on the universities we are asking you to build. We are expecting that not only will you build, you will provide us with lecturers until we can train our own lecturers.

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He explained that the construction of the dry port would reduce the current gridlock witnessed in Apapa area of Lagos state.

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10 October 2019, Thursday News

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