By Francis Ogwo
The funds for the Kano-Maradi (Niger Republic) railway project which is estimated at $1.9 billion will be sourced from Europe.
The Minister of Transportation, Rotimi Amaechi made this known on Sunday when he was guest on a Channels Television programme, ‘Sunday Politics’.
Amechi stated that the financing is being negotiated for the railway project which is expected to be flagged off this week by President Muhammadu Buhari.
Reports say the project is one of Nigeria’s strategic attempts to position itself to take advantage of Niger’s landlocked status and will connect Kano to Apapa Port in Lagos.
Amaechi while speaking on the project said: “The project is going to cost us $1.9bn and we will source it from mostly Europe.”
Speaking further, Amaechi noted that the country had not gotten the fund but said “we are about concluding.”
In a response to a question on how long it would take the country to repay the loan, the former Rivers State Governor explained that it was not within the jurisdiction of his Ministry, but noted that the railway project would commence on Tuesday.
He said, “That is the responsibility of the Ministry of Finance. When we would pay; what are the terms of agreement for the loan and all that would be the responsibility of the Ministry of Finance.
“So, that question can be directed to the Minister for Finance. For us in Transportation, our job is to work with the Ministry of Finance to procure the loan and commence construction and we think we would commence construction on Tuesday.”
He stated that the project would open up the country to more investment, arguing that it was in Nigeria’s best interest for the Kano-Maradi railway to be constructed.
Amaechi said, “The interest is national; the interest is about Nigeria. The Maradi terminal is just 20 kilometres away from Nigeria; just 20 kilometres. So, there is no huge investment like Nigerians are thinking.”
The Minister said the Lagos-Kano commercial corridor transports 30,000,000 tonnes of cargo annually, with only 200,000 of that currently carried by rail and the rest by road.
Recall that President Muhammadu Buhari would on Tuesday, February 9, 2021, performe the groundbreaking ceremony of the Kano-Maradia.
The Kano-Dutse railway Project will be completed in 36 months, is expected to financially empower Nigeria as the import/export hub for Niger and would help the country compete favourably with other coastal countries of West Africa.
