Nigeria seek Russia and India for USD 46 billion to finish railways

Global Construction Review reported that the government of Nigeria is seeking USD 46 billion from the Russian Exim Bank and investors in India to get three strategic railways completed. Transport minister Rotimi Amaechi revealed that Nigeria’s President Muhammadu Buhari had approved the sourcing of loans to finish three standard gauge lines: Lagos-Kano, Lagos-Calabar and Port Harcourt-Maiduguri.

For a number of years Nigeria has been in talks with China to build the USD 11 billion Lagos-Calabar railway.

Mr Amaechi said he had talked with investors from Russia and India to provide the funding. He said that “I was in India to look for money and there are people talking to me. I also had a meeting with Russian Exim Bank. Any of them that gives us money will be welcomed, because the Chinese are already funding the Lagos-Kano line. The president has given the clearance for talks with investors.”

(Global Construction Review)