BREAKING: FG, CRCC signs $3.9bn contract for Abuja-Itakpe railway

The Federal Government has signed a $3.9bn contract with the China Railway Construction Corporation Limited for the construction of a new Abuja-Baru-Itakpe-Lokoja rail line.

Both parties signed the contract on Thursday in Abuja at the headquarters of the Federal Ministry of Transportation.

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The Minister of Transportation, Rotimi Amaechi, who received senior officials from CRCC at the ministry, noted that with the latest $3.9bn contract, the Chinese firm now handles 100 per cent of rail projects in Nigeria.

The over 10-member CRCC officials were led to the ministry by the corporation’s Vice President, Wang Wenzhong.

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Amaechi said, “The signing ceremony that we had today is the first PPP (Public Private Partnership) railway agreement for Abuja-Itakpe or Abuja-Baru-Itakpe and Lokoja and it is between Nigeria and CRCC.

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“The agreement is supposed to be 15 per cent Nigeria equity and 10 per cent CRCC equity and then we borrow 75 per cent as SPV (Special Purpose Vehicle) from the Chinese bank.”

Details later.