As part of the Federal Government commitments to transform therailway sub sector, it has signed acontractagreement with CCECC Nigeria for the construction of the Lagos to Ibadan double track.

The Minister of Transport Senator Idris Umar hinted that the Addendum No. 2:Lagos to Ibadan Double track is a double formation to the main contact for the modernisation phase 1 project even as he recalled that on the 18th July 2012, the Federal Executive Council approved theinfavour of Messrs CCECC Nigeria Limited the sum of $1,487,782,196.00.

The rail is expected to cover a distance of 156.65km totaling 313.30km double tract was and is to be completed in 36 months.

According to him, ‘The project is to be partly financed by the Chinese government through the China Exim Bank concessionary loan facility, $1.0billion is to be provided by the china Exim bank.”

The minister also disclosed that negotiations had been concluded with the China Exim bank for an initial $500 million.

“The negotiation on the balance sum of 500 million is expected to be done in due course. The federal government is expected to pay the balance of the project fund in the sum of $530,779,101.00,” he said.

He assured that the contract for the completion and rehabilitation of the 274km Itakpe-Ajaokuta-Warri standard gauge railway line is in progress.

He noted that work had progressed steadily with all tracks laid while the outstanding works currently are the completion of construction of interchanges and ramps, station building and signaling and telecommunications.

Responding, the Managing Director, CCECC Nigeria, Mr. Cao Bao Gang, hinted that the project would be completed within the speculated time, even as he said the rail would be able to take a1000 people at a goal and has the ability to provide 5,000 jobs.


http://www.leadership.ng/nga/articles/33664/2012/08/29/railway_modernisation_fg_signs_contract_agreement_chinese_company.html

The US is there telling us how they will make Nigeria the next world economic giant while the Chinese are there taking all the contracts,

THE US is also busy stealing all the natural Resources we have via Shell and Chevron while Chinese are investing. Soon enough God will expose all their Bad Deeds.