JUST IN: China Backs Down Nigeria’s Railway Projects Loan
Reports from Moody’s Investor Service estimates that Nigeria needs at least $3 trillion over 30 years to build roads and power plants to close a huge infrastructure gap.Jamb Result
According to LEADERSHIP, the federal government is currently frustrated and unable to embark on its railway projects as ominous dark clouds surrounds the country’s hope to get a balance of loan earlier promised by China.
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LEADERSHIP reports that it is possible that China is not interested in funding the project anymore.Jamb Result
The government has been expecting a response from the Chinese authorities regarding the rest of the loans but are yet to received a reply.
LEADERSHIP reports that China’s hesitancy has added as a setback against President Buhari’s plan to link all major regions of the country with railway lines before he leaves office.
The Minister of Transports, Rotimi Amaechi revealed: “We were waiting, They kept delaying us”.
According to LEADERSHIP, the federal government has received from the state-owned lender only about 15 per cent of the amount needed for a line originally estimated to cost $8.3 billion.
This line will link the commercial hub of Lagos to the northern city of Kano.
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