China finances US$1.5 Billion for 156km Lagos to Ibadan Rail link in Nigeria
Construction work on the Lagos to Ibadan Rail Link was signed on 6th March 2017 for the 156km railway line from the coastal city of Lagos to the inland city of Ibadan – a distance of 156km. The target date for completion of the rail link is December 2018.
Financing for a US$1.5bn loan to cover the project cost had been approved by the China Export Import Bank; and for China Civil Engineering Construction Corporation (CCECC) to carry out the construction of the railway.
Meanwhile, alarmed at its rising national debt, China this month ordered banks to scrutinise loans more carefully.
The Nigerian economy, meanwhile, has been hit by the fall in the price of oil – its main export!