Transport Minister Confirms Moves To Secure Fresh $15 Billion Loan For Rail Projects

The Minister of Transportation, Rotimi Amaechi, has said that President Muhammadu Buhari has approved the negotiation for a fresh loan to the tune of about $15 billion loan for the Port Harcourt – Maiduguri and Lagos-Calabar rail projects.

The minister, who had an audience with the President today, Tuesday, at the Presidential Villa, Abuja, told news men shortly after the meeting: “the Lagos-Calabar rail project is yet to start because of funds; the Port Harcourt – Maiduguri is yet to start because of funds, but the President has approved that we negotiate for funds.

“We are almost concluding negotiations for the Port Harcourt – Maiduguri. We are looking at the cost which is in the neighbourhood of between $14bn and $15bn.”

Amaechi said that the laying of tracks on the Lagos-Ibadan railway would commence in April, even as he expressed the hope that the exercise will be completed latest by January 2019.

“If the rain doesn’t start early, we will start laying tracks on the Lagos-Ibadan route in April.

“Hopefully, we believe we can complete it in December or January and open it up for passengers and business.

“We expect about 6,000,000 tons of cargo out of the 30,000,000 tons of cargo that we have between Lagos and Kano.

“In terms of job creation, you can be rest assured that it will be in thousands.” [myad]