FG commences $41 billion rail expansion
The railway expansion is part of the government's efforts to diversify the country's economy.
Rotimi Amaechi
Recommended articles
![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
This was disclosed by Minister of Transportation, Rotimi Amaechi, who added that the expansion will help in the government's plan to diversify the country's economy.
The country's dependence on oil is one of the reasons why it is in its worst economic recession in decades after the collapse in the price and output of crude oil, which accounts for more than 90 percent of foreign income and two-thirds of government revenue.
To ease this dependence, President Muhammadu Buhari put an Economic Recovery and Growth Plan in place in March 2017 to boost agriculture and manufacturing in the country by developing its transport network and power infrastructure.
ADVERTISEMENT
The key projects lined up to actualise the economic plan include building a second railway line connecting the nation's two biggest cities, Lagos and Kano, as well as the construction of a coastal railway that connects Lagos to the eastern city of Calabar.
The construction of both railways is expected to cost the government an estimated $20 billion to be funded largely by the Export - Import Bank of China, which has already released $5.9 billion.
According to Amaechi, the project, which is being carried out by China's Civil Engineering and Construction Co., will be completed by 2019.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Forgive me my papa - Self-acclaimed Hausa traditional ruler kneels to beg Oba of Benin
Fubara grows Rivers IGR by over 100%, less than 1 year after Wike's tenure
Plateau University suspends exams over killing of student
Nigeria laughing stock of the rest of the world due to insecurity - TY Danjuma
APC group claims Tinubu’s initiatives stimulating economic recovery
Plateau Gov urges calm after attack that led to death of 200-level PLASU student
NAFDAC reopens popular Ibadan supermarket shut for selling unregistered product
Gov Adeleke lavished with praise for providing water, sanitation facilities
CSO inaugurates campaign to combat electoral irregularities, promote reforms
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT