Wednesday, September 12, 2018
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FG negotiating $6bn loan from China for Ibadan-Kano rail

FG negotiating $6bn loan from China for Ibadan-Kano rail
September 12
10:44 2018
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Rotimi Amaechi, minister of transportation, says the federal government is negotiating a $6 billion loan with the Chinese government to complete the Ibadan to Kano rail track.

Amaechi made this known on Tuesday in Abuja during a news conference on the overhaul of the transport sector since the inception of the current administration.

“We are currently in negotiation with the China EXIM bank to get nearly about six billion dollars to do from Ibadan to Kano,” the former Rivers state governor, said.

“It is a difficult decision because the money required is about 8 billion dollars to do the double track but the Chinese are insisting that they cannot fund double track so they are asking us to do a single track.

“They are asking us to do a single track and they want it at Minna so that instead of going from Minna to Kaduna, we should go from Minna to Abuja and then join it from Abuja to Kaduna.

“But there are those who argue that we should not accept that, rather we should tell them (Chinese) to fund it in segments. This, however, does not make economic sense.

“We are compelled to adjust just to have movement of goods, personnel and services from Lagos to Kano.

“What makes economic sense is the ability to get the track to a seaport so that we can move goods. What makes economic sense to rail services is the movement of goods.”

Amaechi said that the ministry was also in talk with some companies in America to fund the Lagos to Calabar rail corridor and another Chinese company to fund Port Harcourt to Maiduguri corridor.

He explained that this was in line with the directives of President Muhamaddu Buhari that the rail lines must reach all state capitals.

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Exchange Rates

September 10, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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