The Federal Government has signed a three-point nine billion-dollar agreement, approximately one point four trillion Naira with the China Railway Construction Corporation CRCC, for the construction of the Abuja-Lokoja-Itakpe-Warri rail project.
The Minister of Transportation Rotimi Amaechi during the signing ceremony in Abuja at the Ministry’s headquarters says the project, Nigeria’s first public-private partnership in the rail sector comprised of both Nigeria and Chinese equities and would operate on a build-manage and return model upon completion.
Mr Amaechi says the Chinese company would run the project for thirty years and recover their monies saving the federal government the pain of sourcing for funding for the loans provided by the CRCC.
