By Africa.com | Created at 2024-10-30 07:39:36 | Updated at 2024-10-30 11:28:26
4 hours ago
Nigeria has secured a $350 million loan from the African Development Bank (AfDB) to fund the Kano-Maradi rail project, a strategic initiative aimed at modernizing Nigeria’s rail network and fostering regional trade with neighboring Niger. Senator Adamu Aliero, Chairman of the Senate Committee on Land Transport, announced the funding during a recent visit to the Nigeria Railway Corporation headquarters in Lagos. The 283.75 km Kano-Maradi railway line, launched under former President Buhari, will connect Kano, Jigawa, and Katsina states in Nigeria to Maradi in Niger Republic. This railway line will support economic growth and trade in the country. Scheduled for completion in 2026, the project includes a $1.8 billion contract with Portuguese firm Mota-Engil, with plans to finish the Kano-Daura section by 2025. The West African country is looking to raise 85% of the funds from the AfDB, China Exim Bank, and the International Finance Corporation.
SOURCE: NAIRAMETRICS
