The China-Exim bank has agreed to finance Nigeria’s railway projects linking Lagos to Kano and Lagos to Calabar, Vice President Yemi Osinbajo said Tuesday.

The plan of the federal government to raise a $25 billion Infrastructural Fund from the global community and establish long term bankable projects is gaining traction, Mr. Osinbajo said.

“We have seen considerable, favourable interests from some sovereign wealth funds and other nations,” the vice president told a delegation of the Lagos Chamber of Commerce and Industry that paid him a courtesy call Tuesday in his office.

Explaining the idea of the fund to the delegation, Mr. Osinbajo said the Nigeria Sovereign Investment Authority which manages the country’s sovereign wealth fund is leading the project, adding that the Infrastructural Fund would create opportunity for commercial partners to participate in the building of the nation’s infrastructures alongside the federal government.

This would be done through the establishment of bankable projects that involves such commercial partners,” he said.

He disclosed that the China-Exim Bank has agreed to finance the railway projects linking Lagos to Kano and Lagos to Calabar.

According to him, “we expect these will generate some economic activities and create jobs”.

The vice president reassured the federal government’s determination to raise revenue internally to fund the budget including through an expansion of VAT coverage but not an increase of the VAT rate.

“At 20% of the VAT coverage now, the federal government intends to do much better giving a boost to the country’s tax revenues,” he said.
The delegation of the Lagos Chamber of Commerce and Industry was led by Nike Akande, who declared the support of the chamber for the federal government’s fight against corruption and acknowledged that in the current economic situation that the Buhari presidency is having to deal with “there are no easy choices”.

Mrs. Akande, a former minister for Industry, called on the Central Bank of Nigeria to find a foreign exchange regime that would boost the confidence of investors and remove uncertainly.

The vice president told the delegation that the federal government was focussed on finding solutions to the economic situation, including through a focus on building infrastructure and also diversifying the economy, especially through agriculture. Besides, the government is also focussing on creating an enabling environment for business and investments in the country.

Mr. Osinbajo also received a delegation from the Association of Licensed Telecoms Operators of Nigeria, ALTON.
He praised the telecom operators stating that “there is no question at all about the importance and contribution of the sector especially since the 2001 privatization.”

The Vice President noted that the telecom sector is one of the sectors in the economy that has created a significant impact.
He reiterated federal government’s resolve to develop critical infrastructure in the country including in the power sector which was an area of concern expressed by the operators at the meeting.

Earlier the Chairman of the association, Gbenga Adebayo, presented an industry report to the vice president entitled “The Socio-Economic Impact of Telecoms in Nigeria.”

Mr. Adebayo also expressed the concern of telecom operators regarding “multiple taxes” and some of their equipment destroyed by insurgents in the Northeast. He noted that the industry has recorded over 120 million subscribers since 2001.

http://www.premiumtimesng.com/news/more-news/197879-china-exim-bank-fund-lagos-kano-calabar-railway-projects-osinbajo.html

cc: Lalasticlala

Long overdue if u ask me

Great

this government must be careful not to put in to another debt slavery again o

Amazing

nice

When would they start the construction??

Mr Oshunbade! When you decide to implement a well thought policy by someone, Please acknowledge them. Hypocrite

another way to steal money. APC guys aint loyal

This what i was explaining yesterday about Kemi Adeosun's proposal on funding capital project with loans, especially bankable projects that will pay for themselves on the long run.

This government should double VAT abeg.

I have told you to shun the idea of Lagos to calaba things.

The people of calaba are well off and won't throng into Lagos to defface and become a nuisance. People of calaba are neat and cultures.

But....








The other ones, who are Biafrans, will enter their ricketty cabs from their red soik erosion driven lans I'd the rising imaginary sun and go to xalabar all to enter cheap trains to Lagos.


We don pursue them, dem no leave. We demolish their shops, dem still regroup....dem just wanted come spoil Lagos for the whole of SW.

Now, dnt get me wrong...


Igbos are welcome, but Biafrans are not!

Obiagelli:
This what i was explaining yesterday about Kemi Adeosun's proposal on funding capital project with loans, especially bankable projects that will pay for themselves on the long run.

This government should double VAT abeg.

we dnt av to double the VAT, and we don't have to explain to nuisances whose brains are filled with beetles how economics works for itself.

Let us just makebthem comfortable and while they enjoy it, it is actually a curse unto them...

This govt possesses vision...

And little did the dunces knw that this govt hasn't started operating with its own budget...

[quote author=KINGwax007 post=42573798]I have told you to shun the idea of Lagos to calaba things.

The people of calaba are well off and won't throng into Lagos to defface and become a nuisance. People of calaba are neat and cultures.

But....








The other ones, who are Biafrans, will enter their ricketty cabs from their red soik erosion driven lans I'd the rising imaginary sun and go to xalabar all to enter cheap trains to Lagos.


We don pursue them, dem no leave. We demolish their shops, dem still regroup....dem just wanted come spoil Lagos for the whole of SW.

Now, dnt get me wrong...


Igbos are welcome, but Biafrans are not![/quote


Absolutely unnecessary bro. Just comment on the subject matter and shun tribal tantrums. Nice move anyway!

Issokay

The train from Lagos to Kano has started working about 3 years ago during Jonathan regime.

KINGwax007:
I have told you to shun the idea of Lagos to calaba things.

The people of calaba are well off and won't throng into Lagos to defface and become a nuisance. People of calaba are neat and cultures.

But....








The other ones, who are Biafrans, will enter their ricketty cabs from their red soik erosion driven lans I'd the rising imaginary sun and go to xalabar all to enter cheap trains to Lagos.


We don pursue them, dem no leave. We demolish their shops, dem still regroup....dem just wanted come spoil Lagos for the whole of SW.

Now, dnt get me wrong...


Igbos are welcome, but Biafrans are not!

anumanu

dani3:

anumanu

so dar ure not communicating in English, I dnt care. All that botanical language is zero

I hope the contract workers that are going to work on this project won't be the Chinese. Bringing Chinese labourers after the Chinese companies have been awarded the contract is like Nigeria borrowing money from China to pay local Chinese for job meant for Nigerian labourers.

Nigerian Government should be careful of any agreement with foreign financial institutions, if the money is meant to be repaid.

Ikology:
Mr Oshunbade! When you decide to implement a well thought policy by someone, Please acknowledge them. Hypocrite

Acknowledge who biko?

lender:
The train from Lagos to Kano has started working about 3 years ago during Jonathan regime.

The thread is talking about trains, real 21st century trains running on standard gauge rails tracks. We aren't talking of pre-1960 refurbished narrow gauge scrap metals rail tracks here, this is 2016.