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The China Development Bank (CDB) has approved the first tranche of a $255 million loan for the Kaduna-Kano railway project.
The announcement was made on Tuesday, January 7, as part of China's commitment to enhancing Nigeria's transport network under the Belt and Road Initiative.
The 203-kilometre railway project is expected to provide a direct rail connection between the northern cities of Kaduna and Kano, significantly improving regional transportation and trade.
"The loan will provide crucial financial backing to ensure the smooth construction of the transportation initiative," the CDB stated in its release.
The Kaduna-Kano railway was one of the practical cooperation deliverables highlighted during the third Belt and Road Forum for International Cooperation in 2023.
According to the CDB, steady progress has been made on the project so far.
"We will closely coordinate with our Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management," the bank assured.
The railway project is seen as a cornerstone of Nigeria’s efforts to modernise its infrastructure and enhance economic connectivity.
Upon completion, the railway will bolster regional trade and improve the efficiency of goods and passenger transportation.
The Nigerian government has expressed optimism about the partnership's potential to unlock new economic opportunities in the northern region.
Tinubu's visit to China
Recall that in 2024, President Bola Ahmed Tinubu embarked on a state visit to China, culminating in elevating bilateral relations to a comprehensive strategic partnership.
During his meeting with Chinese President Xi Jinping, both leaders committed to deepening economic cooperation, particularly in infrastructure development and energy sectors.
A significant outcome of the visit was signing a comprehensive agreement to promote collaboration in nuclear energy, aligning with Nigeria's longstanding plans to develop a domestic nuclear industry.
Additionally, President Tinubu secured commitments from Chinese technology firms to bolster Nigeria's renewable energy sector.
Huawei Technologies agreed to establish a joint solar photovoltaic test laboratory in Nigeria to enhance the country's renewable energy capabilities.
Another Chinese company pledged to set up an assembly plant for electric tricycles and provide training in technology and renewable energy development.
These agreements are poised to significantly contribute to Nigeria's economic growth and technological advancement, reflecting a strengthened partnership between the two nations.