China’s Exim Bank to provide US$600mn for infrastructure projects in Nigeria

nigeria-jeffattaway-flickrNigeria has signed agreements for US$600mn with China’s Exim Bank for the Abuja Light Rail and the Galaxy Backbone ICT infrastructure projects

The two projects are expected to be completed by 2015. According to government sources, these projects are intended to boost Nigeria’s critical infrastructure.

The Abuja Light Rail project, which will receive US$500mn, comprises of two parts. One part of the intra-city rail network will extend from the city centre to Kubwa and the Nnamdi Azikiwe International Airport. The second part will run from the city centre to Masaka in Nassarawa State. The project is expected to ease traffic congestion in the capital city.

The Galaxy Backbone ICT Infrastructure projects will enhance the government’s capacity to tackle security challenges and improve connectivity to technology. Government officials revealed that the project will receive US$100mn for an upgrade.

In addition, the Exim Bank is also considering financing a third project – the construction of four state-of-the-art airport terminals in Abuja, Kano, Enugu and Port Harcourt. The agreement for the US$500mn project will be signed shortly, confirmed government sources.

Ngozi Okonjo-Iweala, Nigeria's coordinating minister of economy, said, “President Goodluck Jonathan is keeping his promise to Nigerians through these important projects. The light rail in Abuja will improve transportation for all residents, especially the working class.

"The backbone will help to improve service delivery in areas like education and health while empowering the youth with better connectivity to the rest of the world. The four new airport terminals will create jobs and ensure that Nigerian passengers enjoy services and convenience.”

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