ABUJA (Transport Ministry’ Report)- The Federal Government has signed two Commercial Contract Agreements on the Kano-Kaduna Segment 3 of the Lagos-Kano Rail Modernization project with a contract sum of $1.685 billion and the Calabar-Port Harcourt Segment 1 extending to the Onne Deep Sea Port of the Coastal Rail project at the cost of $3.4 billion with the China Civil Engineering Construction Corporation (CCECC).
The Minister of Transportation, Chibuike Rotimi Amaechi who signed the contract on behalf of the Federal Government in Abuja recently, said that the signing of the commercial contract agreements was symbolic, adding “What we are doing is the segmentation of that same contract in-line with the agreement with the China-Exim Bank”.
He assured that the Federal Government would release its counterpart funds as quickly as possible noting that with the cooperation of the China-Exim Bank, the projects would be completed in November 2018. “I assured Mr. President that we need to complete these projects in two years”, he said.
While speaking, the Managing Director of the China Civil Engineering Construction Corporation (CCECC), Mr. Jack Li assured the Federal Government of his company’s readiness to complete the projects in two years, adding that this would be beneficial to the people and the society at large.
He added that with the completion of Abuja-Kaduna rail modernization (Double gauge) Nigeria is witnessing a new era in the transportation sector.