About a week after the Federal Government announced the release of N72bn as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved $1.275bn (about N408bn) loan for the project on behalf of the Chinese government.

While Nigeria is to bear 15 per cent of the cost of the project, China will shoulder 85 per cent for the first phase fast rail that will eventually terminate in Kano.

The Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, said on Sunday that with the approval of the funds by the Chinese Exim bank, all was set for the commencement of the construction of the modern rail line from Lagos to Ibadan.

“The Exim bank of China has now approved the loan and the next stage is for the Minister of Finance to sign it to signal the beginning of the project,” he said.

He, however, told our correspondent that the final signing by the Chinese government for the project to commence could only come after two weeks when the country’s new year holiday would have been over.

The Minister of Transportation, Mr. Rotimi Amaechi, had last Monday said the Federal Government decided to release the N72bn as its counterpart funds in full was to ensure that there would be no delay in the implementation of the project.

“On the construction of Lagos-Ibadan railway line, the Minister of Finance has been kind enough to release the counterpart funding in full. I think in the history of Nigeria, this is the first time that we are releasing counterpart funds in full so that there will be no delay,” he had said.

The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government and both parties had signed an agreement to that effect.

The new Lagos-Ibadan rail, spanning 156.65 kilometres, is a double line, which is the first phase of the new Lagos-Kano standard gauge line.

The contract for the 2,733km new Lagos-Kano rail was first awarded by the former President Olusegun Obasanjo administration in 2006 at a cost of $8.3bn to the CCECC, but could not be executed due to paucity of funds.

It was rewarded to the same contractor by the President Goodluck Jonathan administration in 2012 for execution in six phases, starting with the Lagos-Ibadan stretch.

It was learnt that the new rail line would be built on the corridor of the existing narrow gauge Lagos-Kano rail line and but it would accommodate only modern locomotives and other rolling stock meant for standard gauge rail for faster movement.

http://investorsking.com/china-exim-bank-approves-n408bn-for-lagos-ibadan-rail-project/

Lalasticlala Mynd44 seun Dominique

Lemme book space 1st.



Is it just from Lagos to ibadan that costs N552bn?Someone should explain this to me.

Rail koh rail ni

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who no know go know

good move

All diz loans wit sweet conditions...The day wen China will hold its debtors by d jurgular is coming...

This kind of development is what SW APC block should concern themselves with. We are not interested in their useless horse trading, form a common front for regional development and bury your penchant for unproductive power play.

Good one from federal government

And, what time frame do we have for the completion of this project?

Complete the lagos to badagry first then talk about another #stopabadoning project Apc

I hear

Good one. May God help this admistration to execute all the good projects they planned for the country.

Sign of a good thing if achieved.

No bank in the world will have problem giving out loan to the south west.

Hope it's not scam as usual

They need to move fast.

Shouldn't we also be informed as to how long it will take to complete?

I will only talk when this fast n better rail line is completed and let's compare it to the one done by the hero of democracy that was even completed by the present administration.

TeamSimple:
No bank in the world will have problem giving out loan to the south west.

And why is that?

If Nigerians know how inflated these projects are, they will weep for our lost future

Hello. Please I need ideas on how I can reach your state governor.

My company here in China can build wind turbine generators 75m high generate 50MW of Electricity with just N2bn (non inflated, not in dollars, in naira) through renewable wind energy. It is also costumizable to suit individual needs.

Renewable Energy is reliable, green, clean, does not require fueling and zero-emmission. [s]And if you don't understand 50MW can power Anambra and Enugu States, 247! I'm serious.[/s]

At the moment, we have projects in India, Spain, South America etc. And I will like to take some projects home too.

I'm a Nigerian, not affliated to any government or political party. I am tired of the way things are done! No body send me o, I'm just doing my part, in building the nation.

Modified: No jokes, please. Only serious minded people. And no, our smallest set is 50MW. Thanks.

mtcheew! borrow until we become debtors to the whole country.... we go soon borrow from Benin republic

gatti23:
Complete the lagos to badagry first then talk about another #stopabadoning project Apc

Wetin concern fg with state project?

If lasg needs loan to finish d badagry rail then they shld apply for it

Nice one

china developing africa more than the west

bravo

gatti23:
Rail koh rail ni

Some people can be so negative. Must you criticize everything?

The contract for the 2,733km new Lagos-Kano rail was first awarded by the former President Olusegun Obasanjo administration in 2006 at a cost of[b] $8.3bn to the CCECC[/b], but could not be executed due to paucity of funds - are you now saying that the government of President Obasanjo was broke.

It was rewarded to the same contractor by the President Goodluck Jonathan administration What has been done about it since then? in 2012 for execution in six phases, starting with the Lagos-Ibadan stretch. (Bear in mind that this Government was the richest in the last 10 years)
[/i]

It's like ALL these Governments (Under the PDP) are using the project to loot funds (personal aggrandisement), let's wait and see if same will be said about the Government of APC[i]

flyca:

I'm a Nigerian, not affliated to any government or political party. I am tired of the way things are done! No body send me o, I'm just doing my part, in building the nation.

BBPIA:
T[b]his kind of development is what SW APC block should concern themselves with. We are not interested in their useless horse trading, form a common front for regional development and bury your penchant for unproductive power play.
[/b]
Good one from federal government

And, what time frame do we have for the completion of this project?

Exactly burv, a rail line linking ibadan and Lagos directly is the real deal as its one of the ways to de-congest Lagos, people can live in Ibadan and go to work in Lagos daily and vice versa. Long overdue