China Exim Bank approves 408Billion Naira for Lagos-Ibadan Rail
30 January 2017 National
About a week after the Federal Government announced the release of seventy-two billion naira, as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved one point two seven five billion dollars loan for the project on behalf of the Chinese government.
While Nigeria is to bear fifteen per cent of the cost of the project, China will shoulder the remaining eighty five per cent for the first phase fast rail that will eventually terminate in Kano.
The Managing Director, Nigerian Railway Corporation, Fidel Okheria, said with the approval of the funds by the Chinese Exim bank, all was set for the commencement of the construction of the modern rail line from Lagos to Ibadan.