To successfully complete the Port Harcourt – Maiduguri rail project, the Federal Government has commenced negotiation for $15 billion loans.
The Minister of Transportation, Mr Rotimi Ameachi, made this known when he briefed State House correspondents after a closed door meeting with President Muhammadu Buhari at the Presidential Villa, Abuja, on Tuesday.
According to him, the president has also given approval for negotiations of funds for the execution of Lagos – Calabar rail project to ensure its speedy completion.
“Don’t forget that the Lagos-Calabar project is yet to start because of funds; the Port Harcourt – Maiduguri is yet to start because of funds, but the President has approved that we negotiate for funds.
“We are almost concluding negotiations for the Port Harcourt – Maiduguri. We are looking at the cost – is in the neighbourhood of between $14 billion and $15 billion,’’ he said.
According to the minister, a lot of progress is being made in the area of revamping rail transportation network across the country.
He disclosed that laying of tracks on the Lagos-Ibadan route would commence next month, and expressed the hope that the project would provide a lot of job opportunities to Nigerians.
“If the rain doesn’t start early we will start laying tracks on the Lagos-Ibadan route in April and hopefully we believe we can complete it in December or January and open it up for passengers and business and we expect about 6, 000,000 tons of cargo out of the 30,000,000 tons of cargo that we have between Lagos and Kano,” he stated further.
“In terms of job creation, you can be rest assured that it will be in thousands,” he said.
On Itakpe – Warri rail project, Ameachi said the project was being reconstructed and expressed the hope that it would be inaugurated by August.
He said: “The tracks were already there but they were vandalised so we are rebuilding those tracks and then building new stations.
