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Publish Date : 10-Mar-2017

Acting President, Yemi Osinbajo has announced that the Nigerian Federal Government will conclude talks with China on the Lagos-Calabar rail project worth $11.117 billion in June 2017.

He said, "The federal government has already provided its portion of funding for the Lagos-Calabar route and expects that negotiations with the foreign component of the funding will be finalized within the next three months."

He noted that the national project once started would generate 500,000 jobs and support efforts of diversifying the economy and enhancing export potentials of the country.

He added, "A vibrant railway system will confer many benefits on the society. Our ultimate goal is to restore a railway using culture for both commercial and personal transportation. We are confident that the national rail project will create up to 500,000 jobs. Aside, it will facilitate the movement of up to 3.2 million tonnes of cargo per annum."

Phase I of the project will cover Calabar, Uyo, Aba and Port Harcourt. Otueke, Yenagoa, Ughelli, Warri, Sapele, Benin, Agbor, Asaba, Onitsha, Ijebu Ode, Lagos, will follow within another two years.

In June 2016, President Muhammadu Buhari inked a deal with China Civil Engineering Construction Company (CCECC) to build the coastal railway project. Under the deal, the government negotiated the cost of the project from $11.917 billion initially to the current $11.117 billion, a reduction of $800 million.

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