By Sylvia Akpan, Government House Correspondent
The Governor of Cross River State, Senator Bassey Otu has performed the groundbreaking for the Calabar-Obudu 365-kilometer railway construction.
The groundbreaking was performed at Tinapa Free Zone Resort and is one of the first fruits of the Investment Summit held at the International Convention Centre.
when completed, it will connect the southern part of the state with the north. The project is a public-private partnership-funded initiative driven by Messers Reinhoke LLC in partnership with the State government.
“Today, therefore, marks an important milestone in our quest to expand and diversify the stock of our infrastructure by partnering with Messers Reinhoke LLC for the construction of the Grandlitora Railway Project that will run from Calabar to Obudu. On completion, the project will cover an approximate distance of 365km with main terminals in Calabar and Obudu; while three sub-stations will be located at Ugep, Ikom, and Ogoja.
According to his Chief Press Secretary, Mr. Gill Nsa, the Governor disclosed that $350m is estimated as a conservative cost for the project, adding that the public-private partnership in the provision of the infrastructure is based on funds from equity investments and debt financing from financial institutions with significant backing from the state.
“Cross River is the frontier to Equatorial Guinea, Cameroon, Sao Tome and Principe. It is also home to the largest export processing zone in Nigeria – the Calabar Free Trade Zone (CFTZ).”
He expressed optimism that the expected boost in international trade and its ripple effect will drill down the entrepreneurial spirit of Cross Riverians and trigger the state’s Gross Domestic Product (GDP).
Otu charged communities whose areas the rail project will cut through to give maximum cooperation to the construction company, directing indigenes of such communities to, in line with local content, apply for sub-jobs from the firm based on their capacities and set skills.
Stanley Orji of Rinehooke Investments LLC said the project will attract investments, stimulate job creation, and encourage the establishment of new businesses such as Hi-tech, and tourism among others.
Since You Are Here, Support Good JournalismCrossRiverWatch was founded on the ideals of deploying tech tools to report in an ethical manner, news, views and analysis with a narrative that ensures transparency in governance, a good society and an accountable democracy. Everyone appreciates good journalism but it costs a lot of money. Nonetheless, it cannot be sacrificed on the altar of news commercialization. Consider making a modest contribution to support CrossRiverWatch's journalism of credibility and integrity in order to ensure that all have continuous free access to our noble endeavor. CLICK HERE |
New Feature: Don't miss any of our news again.Get all our articles in your facebook chat box.Click the Facebook Messenger Icon below to subscribe now
Text Advert by CRWatch :Place Yours
Will You To Learn How To Make Millions Of Naira Making Special Creams From Your Kitchen?.Click Here
Expose Your Business And Make More Sales. Advertise On CrossRiverWatch.com Today
Leave feedback about this