Thursday, August 1, 2019
Advertisement

China to construct $1.85bn light rail in Kano

China to construct $1.85bn light rail in Kano
August 29
18:06 2016
Advertisement

China Railway Construction Corporation says it has won a $1.851 billion contract to construct the Kano city light rail.

In a special announcement in Monday, the company said its directors had received a provisional letter of award from Nigeria.

The rail, with a total length of 74.3 kilometres, is expected to travel at a speed of 100 kilometres per hour.

In context, 100 kilometres per hour is as fast as moving from Lagos to Ibadan in 72 minutes.

The first phase of the project construction is billed to take two years, while the second phase of the four-line rail is expected to take another two years.

“Project contract amount of approximately $ 1.851 billion, equivalent to approximately RMB 120.3 Billion, accounting for 2% of the Company’s 2015 revenue, under the China Accounting Standards,” the announcement read.

The receipt of the contract is valid for three weeks from the day of award, after which “uncertainties” will prevail.

Nigeria is investing heavily in capital projects, building infrastructure, and replacing half-a-century old rail lines, in the country.

With over N1 trillion budgeted for capital expenditure in the 2016 appropriation act, Nigeria is expected to invest one of the highest amount of money in capex in its 56-year history.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

1 Comment

  1. danarewa
    danarewa August 30, 17:37

    Is this a state or federal.govt project?Is this inter or intra city project?I doubt if the 76km distance is within the Kano city only.Nice move anyway!

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

August 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement