- In its bid to complete the rail projects under construction across the country, the Federal Government of Nigeria is seeking multi-billion-dollar loans from China, Portugal, and Turkey financial institutions
In its bid to complete the rail projects under construction across the country, the Federal Government of Nigeria is seeking multi-billion-dollar loans from China, Portugal, and Turkey financial institutions as revealed by the transport minister Mu’azu Sambo, to the Joint National Assembly Committee on Land and Marine Transport.
Sambo stated that the Nigeria Railway Modernization project, of the Kaduna-Kano, Port Harcourt to Maiduguri and Kano – Maradi Segments were underway. The railway network was being progressively expanded through yearly budgetary appropriations. However, the major issue faced by the Government is securing counterpart funding through loans.
The Ministry of Transport urged the Federal Ministry of Finance to conclude the negotiation of the loans with infrastructure development finance institutions of China, Portugal and Turkey in order to secure sufficient finance to complete the projects.
Also read;
https://trendsnafrica.com/world-bank-loan-of-us-750-million-to-nigeria-to-accelerate-reform-process/
https://trendsnafrica.com/nigeria-gets-us-288-m-loan-from-afdb-to-strengthen-response-to-covid-19/
To ensure finalising and signing of the loan agreements, the government must show source of funding of the balance of the advance payment to these financial institutions. This needs adequate budgetary provisions in the year 2023 budget and subsequent budgets. He added that the Lagos – Ibadan segment of the Lagos – Kano, and Itakpe to Warri railway projects were already operational.
