//
you're reading...
Issues In The News

China, Nigeria pen multi-billion-dollar rail contract

BEIJING, Nov. 20 — China and Nigeria signed an official construction contract early Thursday, Beijing time, to build a railway along the African country’s coast, China Railway Construction Corp. Ltd. (CRCC) said.

The 11.97 billion U.S. dollar contract is China’s single largest overseas contract project, the CRCC said.

The coastal 22-stop railway, which will stretch for 1,402 kilometers, will link Nigeria’s economic capital Lagos in the west with Calabar in the east.

Trains will travel at a top speed of 120 km per hour, according to the CRCC.

“It is a mutually beneficial project,” said CRCC chairman Meng Fengchao, adding that the coastal railway project will adopt Chinese technological standards and result in equipment exports worth 4 billion dollars, such as construction machinery, trains and steel products.

“Meanwhile, the project will create up to 200,000 local jobs, directly or indirectly. Up to 30,000 fixed job posts may also be provided when the railway is operational,” Meng said.

CRCC president Zhang Zongyan said that the company would undertake further studies on the targeted market in order to allow railway, a green and efficient transportation mode, to play a more significant role in Africa.

http://english.peopledaily.com.cn/business/n/2014/1120/c90778-8811679.html

About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

TransformationWatch on Twitter

%d bloggers like this: