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China Eximbank pledges $2.59 billion loan for Segment 1 of the Lagos-Calabar Coastal Rail Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Nigeria |
| Country | Nigeria |
| Start Date | Jan 01, 2014 |
| End Date | Dec 07, 2029 |
| Duration | 5,819 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 34977 |
Grant Description
China Eximbank pledges $2.59 billion loan for Segment 1 of the Lagos-Calabar Coastal Rail Project On June 9, 2017, Nigeria’s Minister of Transportation, Chibuike Rotimi Amaechi, appeared before the country’s Senate Committee on Local and Foreign Debts and announced that the Government of Nigeria would obtain a $2,592,088,355.63 loan from China Eximbank for Segment 1 of the Lagos-Port Harcourt-Calabar Coastal Railway Project.
The Lagos-Port Harcourt-Calabar Coastal Railway Project will run from Lagos to Calabar and cut through most states in the South East and South. The high speed railway will have the capability of cutting travel time from Lagos to Calabar by 11 hours.
Segment 1 of the Lagos-Port Harcourt-Calabar Coastal Railway Project will run from Lagos to Port Harcourt with an extension to the Onne Deep Sea Port. The total cost of the project is $3,427,741,498. The Nigerian Federal Government's contribution to the project will be $835,653,142.49. China Civil Engineering Construction Company (CCECC) is contractor responsible for implementation.
Staff Comments
This project is also known as Segment 1 of the Lagos-Calabar Coastal Rail Project, the Calabar–Port Harcourt Railway Segment with Extension to Onne Deep Sea Port Project, and the Lagos–Port Harcourt–Calabar Coastal Railway Line Project
Sources & References
- Picking Up Steam: The Expansion of Chinese Railways in Africa
- Minister of Transportation appears before the Senate Committee on Local and Foreign Debts
- Clarifies Issues on Railway Modernization Projects
- Two Belts
- One Road? The Role of Africa in China’s Belt & Road initiative
- The Nigerian government has embarked on a $41.2 billion railway expansion plan
- THE FEDERAL REPUBLIC OF NIGERIA U.S.$4,500,000,000 Global Medium Term Note Programme
- Govt
- China to Finalise $11 Billion Lagos-Calabar Rail Deal in June
- Amaechi appears before senate committee, clarifies issues on railway modernization projects
- Minister of Transportation appears before the Senate Committee on Local and Foreign Debts
- Clarifies Issues on Railway Modernization Projects
- Senate Approves $1.806 Billion Loan for Rail Projects
- Reps
- Amaechi in hot echange over Chinese loans
- FG Threatens To Sanction Chinese Firm Over Slow Pace Of Rail Project
- FG Threatens to Sanction Chinese Firm over Slow Pace of Rail Project Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
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Government of Nigeria
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