Business

China commits to funding Ibadan-Abuja and Kaduna-Kano rail lines -Transportation Minister 

The Minister of Transportation, Saidu Alkali, has disclosed that China has committed to funding the Ibadan-Abuja and Kaduna-Kano sections of the Lagos-Kano railway under the Belt and Road Initiative.  


Alkali made this announcement during a recent interview on TVC News, where he discussed the achievements in the transportation sector during his first year as Minister of Transportation. 


The Minister noted that most of the ongoing rail projects were awarded under an EPC+F (Engineering, Procurement, Construction, and Financing) model. This model requires 15% counterpart funding from the federal government, with the remaining 85% expected to be sourced through loans.