Wednesday, Dec 1st 2021 11:49 AM

Market Digest Nigeria


FG has committed $280m or Kaduna-Kano rail – Amaechi


FG has committed $280 million for $1.2 billion Kaduna-Kano rail – Amaechi

Minister of Transport, Rotimi Amaechi, has disclosed that the Federal Government has committed the sum of $280 million for the $1.2 billion Kaduna-Kano rail project which is set to begin this month.

Amaechi disclosed this during a meeting with reporters as the project is part of 4 new rail projects which the FG recently commenced, according to Bloomberg.

“So far, the government has committed $280 million to the project and will soon provide a further $100 million,” Amaechi said.

The Minister added that the line would be partially funded by the FG and China.

What you should know

Recall Nairametrics reported in March, that the Minister said the Federal Government is about to commence 4 new rail line projects in various parts of the country.

“The ones we are about to start include Ibadan to Kano, we are waiting for funds from China. We are about to start Port Harcourt to Maiduguri, we are waiting for the cabinet to approve consulting shares.

“That is why there may be a bit of adjustment in the pricing of Kano-Maradi because we have to adjust it to link up to Kano-Lagos so that it can terminate at Lagos seaport,” he stated.

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