19.2 C
Sunday, July 21, 2024
HomeNewsChinese bank approved to finance Nigeria rail project

Chinese bank approved to finance Nigeria rail project

Nigeria’s Senate has approved the China Development Bank as the new financier for a rail project, which is set to cost close to a billion dollars.

Another Chinese lender had been due to fund the line between Kaduna and Kano – the largest city in the north – but it pulled out in 2020.

When President Muhammadu Buhari came to power eight years ago, he prioritised upgrading the country’s poor transport network and power supply.

However, funding has been a major constraint.

Parliament has approved several billion dollars worth of loans from Chinese and other international lenders but funds have yet to materialise.

When president-elect Bola Tinubu takes over in May, he will inherit a raft of challenges including double-digit inflation and widespread insecurity.


Most Popular