FG signs $5.1bn rail contracts with Chinese firm

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Rotimi Ameachi Minister of Transport

The Federal Government has signed two contracts valued at $5.1bn with the China Civil Engineering Construction Corporation for the construction and modernisation of rail lines in different parts of the country.

According to the Federal Ministry of Transportation, the two agreements are the Kano-Kaduna Segment 3 of the Lagos-Kano rail modernization project with a contract sum of $1.68bn, and the Calabar-Port Harcourt Segment 1, which extends to Onne Deep Seaport of the coastal rail project at a cost of $3.4bn.

The Minister of Transportation, Rotimi Amaechi, who signed on behalf of the Federal Government, said the government had commenced the segmentation of the same contract in line with its resolutions with the China-Exim Bank.

Amaechi, in a statement issued by his ministry on Thursday, said the Federal Government would release its counterpart funds as quickly as possible, adding that with the cooperation of the China-Exim Bank, the projects would be completed in November 2018.

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