₦airaland Forum

doris00:
The federal government on Thursday, October 10, signed a deal of $3.9 billion with China Railway Construction Corporation (CRCC) for the construction of the Abuja-Itakpe railway.

The Chinese firm, according to Rotimi Amaechi, the minister of transportation, will also handle the construction of a seaport in Warri, Delta state, Daily Trust reports. S :Ppeaking in Abuja during the signing ceremony, Amaechi said that the Public-Private Partnership (PPP) agreement states that Nigeria will take care of 15% of the cost, while CRCC will handle 10% of it.

The minister also stated that the remaining 75% will be borrowed by the Special Purpose Vehicle (SPV) which the federal government will pay back in a period of 30 years after which it will take back ownership of the assets.

He said: “We will give them a sovereign guarantee and they will give us a performance bond that protects our sovereign guarantee

When they finish construction, they will manage for 30 years. “The entire railway for now in Nigeria is constructed 100 by CRCC. I think that the good working relationship we have had with CRCC is the reason we have not been able to engage other companies.”



See more here https://thickmatch.com/fg-signs-3-9bn-deal-chinese-firm-abuja-itakpe-railway-construction/

Dreal1247:
I'm really afraid of business dealings with China. I'm not sure if Nigeria will survive all these business dealings with China. They cut your nose to spite your face.

35824L:
This is a very welcome development. It will totally link Warri to Kaduna, then Kano later. The coastal rail from Lagos to Calabar is another exciting prospect. Amechi is a workaholic.

35824L:
China is cheaper and less stringent than the west. Their conditions for loans will never include gay marriage, IMF austerity or stakes in oil Wells.

Blue3k:
Amaechi need to plan a north south rail line for Ibom seaport. He's doing it for the others. The coastal line us cool but the north south is best for port efficiency..

Jimi24:
There is PH-Maiduguri which is too costly and should not be attempted now for security and loan re payment ability

Dreal1247:
I'm really afraid of business dealings with China. I'm not sure if Nigeria will survive all these business dealings with China. They cut your nose to spite your face.

Dreal1247:
I'm really afraid of business dealings with China. I'm not sure if Nigeria will survive all these business dealings with China. They cut your nose to spite your face.

jahsharon:
Nigeria is too big for any country to mess with. Both countries will lose massively.

35824L:
China is cheaper and less stringent than the west. Their conditions for loans will never include gay marriage, IMF austerity or stakes in oil Wells.

SenecaTheYonger:
Literally selling this country to the Chinese.