Nigeria inks US$12b rail contract with CRCC
Print Edition
CHINA and Nigeria signed an official construction contract yesterday to build a railway along the African country’s coast, China Railway Construction Corp said.
The US$11.97 billion contract is China’s single largest overseas contract project, the CRCC said.
The coastal 22-stop railway, which will stretch for 1,402 kilometers, will link Lagos in the west with Calabar in the east.
Trains will travel at a top speed of 120 kilometers per hour, according to the CRCC.
“It’s a mutually beneficial project,” said CRCC Chairman Meng Fengchao, adding that the line will adopt Chinese technological standards and result in exports worth US$4 billion.
“Meanwhile, the project will create up to 200,000 local jobs, directly or indirectly. Up to 30,000 fixed job posts may also be provided when the railway is operational,” Meng said.
CRCC President Zhang Zongyan said the company would undertake further studies on targeted markets in Africa.
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