The Federal Government and the China Railway Construction Corporation Limited have signed a $3.9 billion agreement for the construction of the Abuja-Itakpe-Warri rail project.
Minister of Transportation, Rotimi Amaechi, during the signing of the memorandum of understanding yesterday in Abuja, explained that the project was the first public-private partnership railway pact to transverse Abuja-Lokoja-Baru-Itakpe, adding that the agreement was 15 per cent Nigerian and 10 per cent Chinese equities while the remaining 75 per cent would be borrowed as special purpose vehicle from the Chinese Bank.
He added that part of the pact was for CRCC to provide the country with a performance bond from their bank before Nigeria gives a sovereign guarantee for the loan.
How many of our so called Nigerian dollar billionaires, millionaires, banking gurus & investment experts have gathered to seize such initiatives build a nation & make profit too? The proposals made by foreign firms can also be made by our own or others Africans? Why are we not?
90% Chinese ,10%Nigeria. And what are the terms of repayment, the clauses that gets activated when default happens? What is the comparative costs of same project with non Chinese contractors and financier's
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