China-Exim Bank To Fund Lagos, Kano, Calabar Railway Projects – Osinbajo

By CrossRiverWatch admin

The China-Exim bank has agreed to finance Nigeria’s railway projects linking Lagos to Kano and Lagos to Calabar, Vice President Yemi Osinbajo said Tuesday.

The plan of the federal government to raise a $25 billion Infrastructural Fund from the global community and establish long term bankable projects is gaining traction, Mr. Osinbajo said.

“We have seen considerable, favourable interests from some sovereign wealth funds and other nations,” the vice president told a delegation of the Lagos Chamber of Commerce and Industry that paid him a courtesy call in his office.

Explaining the idea of the fund to the delegation, Mr. Osinbajo said the Nigeria Sovereign Investment Authority which manages the country’s sovereign wealth fund is leading the project, adding that the Infrastructural Fund would create opportunity for commercial partners to participate in the building of the nation’s infrastructures alongside the federal government.

This would be done through the establishment of bankable projects that involves such commercial partners,” he said.

He disclosed that the China-Exim Bank has agreed to finance the railway projects linking Lagos to Kano and Lagos to Calabar.