Nigeria to finance railway projects with China Exim Bank

The Nigerian government intends to borrow $ 6.1 billion from China Exim Bank to carry out several railway projects by 2019, Transport Minister Rotimi Amaechi said on Monday.

The government intends to include the construction of the Lagos-Ibadan and Kano-Kaduna lines as well as the first phase of the Lagos-Calabar coastal railway in the 2017 Finance Act, The National Assembly in Abuja.

ALSO READ   Brazil’s interim president confident of Rio 2016 success
ALSO READ   Indians Across the World Mark Independence Day With Fervour

President Muhammadu Buhari stressed that all projects inherited from previous governments should be reactivated and completed by December 2019, Amaechi said, explaining that they should be reactivated because of their economic importance and the expected benefits to The Nigerian population.

ALSO READ   India President, Muhkerjee arrives in Ghana