By Favour Nnabugwu, ABUJA


—The Minister of Transport, Mr Rotimi Chibuike Amaechi, yesterday disclosed that General Electric, GE, would invest $2 billion in the country’s rail projects. Amaechi in an interview with CNBC monitored by Vanguard in Abuja, said the Federal Government was in search of Public-Private Partnership, PPP, funding in the Nigerian transportation sector. He said: “GE is already in, we are trying to get the government agencies to allow us negotiate with GE.

The company is going to bring in over $2billion in the Nigerian railway sector, in which they are going to revive the Lagos-Kano narrow gauge and revive the Port Harcourt-Maiduguri narrow gauge by private investment. “It is good that such kind of funds will come into the economy, it will create employment, it will increase business and everybody will be part of the process.”

“The government does not need to bring all the funds. What government is doing here is to initiate it, there are two things we are doing there; we will start with the construction of Lagos-Kano and Lagos-Calabar.’’ Amaechi, who reiterated that President Muhammadu Buhari would flag off the Abuja-Kaduna rail line early July, stated that government would commence work on the Lagos-Ibadan segment of the Lagos-Kano this year. “We are taking a loan from China EXIM bank, the loan is not partnership. But one of the requirements for which we will take the loan is that the contractor must come from China, that we have fulfilled by engaging CCECC. “We will be looking at about $3.5 billion and we should be able to employ as many people as possible to do that construction.

Our plan is to ensure that CCECC is able to conclude it between two to three years,” he said. He, however, added that the federal government expected Public-Private Partnership funding, despite the fact that the country needed $160billion for its transportation projects Amaechi said: ‘’We are going to invite as many private investors as possible to see how they can assist the country achieved its rails projects. “If government takes the Lagos-Kano and takes the Lagos-Calabar, we expect the others to be PPP funding.

“We believe that people know how big the Nigerian market is and that once you invest your money, the chances are that you will recoup that money, whether by freight or by passenger transportation.” Amaechi, who gave a load down of the amount the country had save from the negotiation of the projects, said: “Basically, the contract from Lagos to Calabar was awarded initially at $11.97 billion, we had to negotiate that one and that was why we couldn’t submit it the same time we submitted the Lagos-Kano. ‘’We negotiated that one from $11.97 billion to $11.17 billion, saving the country $800million.’’

Tell me something lalalsticlala

Lion of ubima

Bravo

China unveiled a coastal rail road project that was part of the $30bn direct investment secured during the WEF in 2014.


Buhari cancelled it and now we see it going to GE of America.


This is why Obama wanted Jonathan out and Buhari the dunce in.

By the way how is the $3bn Chinese loan application and the Yuan currency deal?


This change govt was to sell us back to slavery to the west and nothing more.

Lai mohammed may soon deny this one again!











***lights igbo while waiting 4 the barman to bring my gulder***

989900:

How far with the Yuan currency deal?


You opened a dead thread praising Buhari over nonsense.

989900:


The part in bold is the only meaningful thing you've typed so far, and the only part deserving a response.

Answer: I don't know. We are all anxiously waiting and watching . . . someone said something like, it will be implemented this July. DHYB though.

Lol.


The Chinese have told him to Fark off

TheDevilIsALai:
China unveiled a coastal rail road project that was part of the $30bn direct investment secured during the WEF in 2014.


Buhari cancelled it and now we see it going to GE of America.


This is why Obama wanted Jonathan out and Buhari the dunce in.

By the way how is the $3bn Chinese loan application and the Yuan currency deal?


This change govt was to sell us back to slavery to the west and nothing more.

for spewing this thrash, is either you didn't read the op trying to make unnecessary brawl just to garner likes from your co-wailers or you are having compression problem. Read the content of the the news.

This indeed, if pursued with the vigor it deserves, is a heartwarming news. The government needs to key in into these blueprints to revamp the ailing economy. On the part of the ministers, it is not enough to talk, they also need to walk the talk. The long expectations of the masses on this administration is getting frustrating by the day.
Unless there is something contrary to what we read in the papers, the policy of getting foreign investors to bring in their expertise and capital to finance our infrastructure deficit as opposed to securing loan with stringent conditionalities is a welcome development. Transparency and Implementation is a major key in accomplishing this objective. Nigerians have been very patient with this government. The goodwill the Buhari government enjoys inspite of the hardship and policy summersault to me is unbelievable.

oo

...*sighs*...Apc style of governance=to,will,set-to,about-to,would,soon-to -be...smh.