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Nigeria negotiating $6bn China loan for Ibadan-kano rail line ‘Amaechi

amaechi
Minister of Transport, Rotimi Amaechi

THE Minister of Transportation, Rotimi Amaechi has stated that the country is currently negotiating a loan of about $6bn with China for the construction of the Ibadan-Kano rail line.

Amaechi disclosed this on Tuesday in Abuja at an interactive session with journalists, the Minister said, “We are currently in negotiations with the China Exim Bank to get about $6bn to do (rail lines) from Ibadan to Kano. It is a difficult decision. Why is it difficult? The money required is about $8bn to do a double track but the Chinese are insisting that they can’t fund the double track.

“They are asking us to do a single track and they want it at Minna so that instead of going from Minna to Kaduna, we should go from Minna to Abuja and then join it from Abuja to Kaduna.”

The Minister noted that “But there are those who argue that we should not accept that, rather we should tell them (Chinese) to fund it in segments. This, however, does not make economic sense.”

On the approval for waterways security, the minister stated that $195m had been approved and expressed confidence that it would help reduce crime in the maritime sector.

Amaechi said, “The Federal Government has approved the sum of $195m…to hire an Israeli company to help train our security personnel to help man our waterways.

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“Currently there are criminal activities in our waterways which has made it that in some parts of the country, people charge what they call war insurance. War insurance means that you go to an area where there is (seems to be) war, but you know that there is no war there.

“But in such areas, criminal activities are taking place in the waterways. So with the approval, after we’ve put the processes in place, we will ensure that there is security on our waters” he concluded.

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