The China Exim bank has released $1.5bn to the Nigerian government for the construction of the Lagos-Ibadan rail line, Minister of Transportation, Rotimi Amaechi has revealed.
“In the first quarter of 2017, the foundation of the Lagos-Ibadan Segment Two of the Lagos- Kano rail project will be laid. The implication here is that we will start the Lagos-Ibadan rail line before March 31," he said on Tuesday when he appeared before the Senate Committee on Land Transport.
“Our target is to begin from Apapa sea port down to Ogun and then to Ibadan.
“The counterpart fund is ready but don’t forget that we are borrowing from China. The China Exim Bank is processing it.
“Our 15 per cent is ready. The bank has released $1.5 billion," he added.
“Our target is to begin from Apapa sea port down to Ogun and then to Ibadan.
“The counterpart fund is ready but don’t forget that we are borrowing from China. The China Exim Bank is processing it.
“Our 15 per cent is ready. The bank has released $1.5 billion," he added.
Lagos-Ibadan Rail: China Exim Bank Releases $1.5bn to Nigeria
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