THE Federal Government has signed a memorandum of understanding (MOU) with China Civil Engineering Construction Company (CCECC) for the construction of the Lagos-Calabar rail project.
Minister of Transport, Rotimi Amaechi who signed the agreement on Friday in Abuja on behalf of the Federal Government, said the first segment of the project is from Calabar to Port Harcourt and it will be completed in two years.
Amechi stated that, the second segment of the rail project is from Lagos to Ibadan and the project would also be completed in two years.
According to the minister, “the contract was awarded by the Goodluck Jonathan administration for $11.974 billion, however the present administration reviewed the contract and the price was reduced to $11.174 billion.”
He promised that the Federal Government would fulfill its own side of the agreement and make available its counterpart funds in good time.