FG Okays Shopping For Loans For Lagos-Calabar Rail Project

The Presidency has approved moves to source a fresh loan from China for the construction of the Lagos-Calabar Coastal Rail project.

The approval is for a $2.3 billion loan for the project that will link Lagos with the South East and South South regions.

Transportation Minister, Rotimi Amaechi, announces this at his valedictory news briefing in Abuja.

The Minister explains that the proposed standard Gauge Rail Track will connect central rail lines in Lagos, Port Harcourt, Abuja, Onitsha, Benin City and Delta States.

The ongoing Lagos-Ibadan standard Gauge Rail Track is being financed by Chinese Bank.

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