The China government has said assured that the Lagos-Ibadan railway including an extension to Lagos Apapa port will be completed in May 2020.
This was disclosed by the commercial counselor, China’s Consulate-General in Lagos, Liu Junsheng. He said the Nigeria Railway Modernisation Project, Lagos-Ibadan section, with extension to Lagos Apapa port is one of the ongoing projects which will connect Lagos, Ogun and Oyo states, noting that the project, when completed, will foster economic development.
He explained that the Export-Import Bank of China provided $1.267 billion of concessional loans accounting for 80.14 percent of the total contract cost of $1.581 billion while the Nigerian government is responsible for the counterpart funds of $314 million, accounting for 19.86 percent.
He said the rail line will serve as a better means of collection, distribution and mass movement of haulage to and from the Lagos port, thereby decongesting the port as well as eliminating traffic gridlock often caused by trailers on the road. He also said the Lagos Deep Sea Port, Lekki Free Zone and Ogun Guangdong Free Trade Zone are projects that will be undertaken as part of the BRI.
Junsheng said the Chinese government would continue investing in Nigeria’s infrastructure through its Belt and Road Initiative (BRI). The BRI is a development strategy adopted by the Chinese government involving infrastructure development and investments in over 120 countries including Nigeria.