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Standard Chartered To Replace China Loans For Rail Projects In Nigeria - Politics - Nairaland

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Standard Chartered To Replace China Loans For Rail Projects In Nigeria by lalasticlala(m): 10:27am On Jun 24
Nigeria’s government is in talks with Standard Chartered Plc about arranging funding for two rail projects expected to cost as much as $14.4 billion, replacing earlier plans to source the loans from Chinese banks, Transport Minister Rotimi Amaechi said.

President Muhammadu Buhari’s administration and the London-based lender are discussing financing for the upgrade of a narrow-gauge track in eastern Nigeria and a new standard-gauge line on the coast, Amaechi said in an interview. The government has already concluded contracts with the Nigerian unit of state-owned China Civil Engineering Construction Corp., or CCECC, for both deals.

“We’ve moved away from China in some of our projects,” Amaechi said June 5 in the capital, Abuja. Finance Minister Zainab Ahmed is overseeing the talks with the emerging markets-focused financial institution about arranging the infrastructure loans, he said, without providing any further details.

Standard Chartered is “unable to provide any information nor any confirmation” about the talks, the bank’s head of corporate affairs for West Africa, Dayo Aderugbo, said by email, citing “confidentiality issues in disclosing any third-party transactions.” A London-based spokeswoman for the bank declined to comment, while a spokesman for Ahmed didn’t respond to text messages and phone calls seeking comment.

Chinese Lending

Standard Chartered has had a presence in Nigeria, Africa’s biggest oil producer, since 1999. The lender facilitated investments worth $2.5 billion into the country last year -- the most of all banks -- out of a total of $9.7 billion, according to the National Bureau of Statistics.

Chinese lenders had previously been expected to provide loans to fund the bulk of the two rail projects.

At a groundbreaking ceremony in March for CCECC’s $3.2 billion reconstruction of the dilapidated so-called Eastern Line, which links the port city of Port Harcourt in the southeast with Maiduguri in the north, Amaechi said “a syndicate of Chinese financiers” was backing the development.

CCECC signed a $11.2 billion contract with Amaechi’s predecessor in late 2014 to build the so-called “Coastal Line,” which would connect the southwestern commercial hub of Lagos with the southeastern port town of Calabar. Buhari said in 2017 that the state-owned Export-Import Bank of China would shortly approve a $3.5 billion loan to help start building the 1,400-kilometer (870-mile) standard-gauge line, which Amaechi said the government plans to construct in segments.

CCECC Projects

CCECC has already completed two other standard-gauge railway segments in Nigeria -- one that links Abuja to the city of Kaduna, and another connecting Lagos to the city of Ibadan. China Eximbank provided most of the financing for those projects, as well as a metro line in Abuja, through loans worth about $2.3 billion.

The government still expects China Eximbank to provide $5.3 billion to allow CCECC to extend the Lagos-Ibadan line to the northern trading center of Kano, Amaechi said.

The government has also contracted Portuguese construction company Mota-Engil SGPS SA to build a railway from Kano to neighboring Niger. Credit Suisse Group AG, Africa Finance Corp. and German state bank KfW are arranging nearly $2 billion of loans to fund the work.

https://www.bloomberg.com/news/articles/2021-06-10/nigeria-taps-stanchart-to-replace-china-loans-for-rail-projects

1 Like

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by malel1: 10:29am On Jun 24
Looking for for fund in Nigerian banks to fund railway project to NIGER. Nawah ooo

18 Likes 1 Share

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by BitterSoul(m): 10:29am On Jun 24
You have reached your maximum borrowing limit from China, the reason for new lender avenue. Las Las loan na loan. All of us go suffer am



Meanwhile, you can grow £20 up to £1000 in six weeks. WhatsApp the number on my signature to join the class

33 Likes 1 Share

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by pyyxxaro: 10:29am On Jun 24
CCECC has made so much money from Nigeria

9 Likes 1 Share

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by tobtap: 10:33am On Jun 24
i prefer the chinese..because dey connect thier loans to projects... borrowing from banks with high interest rate is bad... atleast the chinese build stuffs... i dont trust amechi on dis

42 Likes 3 Shares

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by Sebastine1994(m): 10:34am On Jun 24
Don't

11 Likes 1 Share

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by visijo(m): 10:34am On Jun 24
"Life is like riding a bicycle". To keep your balance keep moving.�

3 Likes

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by iamyemiakins(m): 10:34am On Jun 24
The government has also contracted Portuguese construction company Mota-Engil SGPS SA to build a railway from Kano to neighboring Niger. Credit Suisse Group AG, Africa Finance Corp. and German state bank KfW are arranging nearly $2 billion of loans to fund the work.

27 Likes 2 Shares

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by palacealuminium: 10:34am On Jun 24
Wow..... Commendable

1 Like

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by opalu: 10:34am On Jun 24
Ok
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by SimplyFacts: 10:34am On Jun 24
Sorry for derailing but I need to say this.

Yoruba muslims & Christians are never enemies. You would hardly see any Yoruba family having no one practising either Christianity or Islam. We are religiously mixed. Please don't give attentive ears to the online warmongers & some religious fanatics. They have little or no knowledge about Yoruba culture. They are online wolves, they operate in packs. Don't be deceived by the number of likes their posts/comments amass. They are agents of division, they hate Yorubas for our oneness because they find it hard to achieve such lofty grace.

15 Likes 1 Share

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by olaolulazio(m): 10:34am On Jun 24
Borrow borrow government.

1 Like

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by hopevalley: 10:34am On Jun 24
When will Nigeria pay all these loans back? Check out my signature if you want to go into export business.

1 Like

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by NwaNimo1(m): 10:35am On Jun 24
Monumental fraud!

8 Likes

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by DDDEnterprises: 10:35am On Jun 24
Loan is still loan. But the fact that you're not taking it from China is a kinda relief sha

1 Like

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by RichDad1(m): 10:35am On Jun 24
As long as the repayment terms and conditions are better.
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by PAWG(m): 10:35am On Jun 24
Reading…
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by ivolt: 10:36am On Jun 24
Bad idea.
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by Franking: 10:36am On Jun 24
More than 70% of borrowed money to be spent in the north. And u say Buhari and his cohorts don't know what they are doing.

4 Likes

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by 77up(m): 10:36am On Jun 24
Good development anyways.
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by Thinktwicemybro: 10:37am On Jun 24
They have borrowed what even our children cannot pay.
In the meantime, who ever know his wickedness, Godwin Obaseki of Edo should tell him to pay AAU workers/lecturers their salary, a laborer deserves his wages.

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by ProfessorBerlin(m): 10:38am On Jun 24
Happy Birthday Lionel Andres Cucittini Messi











Messi is greater than all Nigerian thieving fathers combined

1 Like

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by Lexusgs430: 10:38am On Jun 24
Why can't they simply go PPP..... And share the spoils + proper government policies to encourage the private sector......

Form consortiums or similar structures........
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by koladebrainiac(m): 10:38am On Jun 24
onigbese regime
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by ivolt: 10:38am On Jun 24
DDDEnterprises:
Loan is still loan. But the fact that you're not taking it from China is a kinda relief sha
It is actually worse.
Standard chartered give cash loan which can be easily embezzled while China gives train loan.

7 Likes

Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by captainrf1(m): 10:38am On Jun 24
Well play
Re: Standard Chartered To Replace China Loans For Rail Projects In Nigeria by Akalia(m): 10:39am On Jun 24
Why is buharis government building rail line in Niger? What arrant indictment.

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