Friday, 1 July 2016

Amaechi Signs MoU on the $11.117bn Lagos-Calabar Railway Project Expected to be Completed in 2 Years

The Federal Government has signed a renegotiated agreement with the China Civil Engineering Construction Company (CCECC) to commence construction of the Lagos-Calabar coastal railway line at a cost of $11.117billion.   The contract was initially valued at $11.917billion when it was initiated by the Goodluck Jonathan administration but has been reviewed downward to $11.117.

The first segment of the rail line which comprises Calabar,Uyo,Aba, and Port-Harcourt will be ready within two years nothing that the contract signifies the Federal Government’s resolve to pursue aggressive diversification plan for the economy especially as the coastal rail project when completed will link with all sea ports, together with the main western line, thereby creating new business hubs for commercial activities. 

While assuring that government will push for timely payment of its counterpart funds to the coastal rail project despite paucity of funds, he stressed that the Abuja-Kaduna is currently being test run for free, adding that plans are underway to procure more coaches to increase carry capacity of commuters and cargo.

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