- China Development Bank Approves Loan: China Development Bank has approved a $254.76 million loan to Nigeria.
- Kano-Kaduna Railway Project: The loan will support the completion of the Kano-Kaduna railway project.
- Project Benefits: The 203-kilometer standard-gauge railway will provide a safe, efficient, and convenient transportation link.
- Belt and Road Initiative: The project is part of China’s Belt and Road Initiative.
- Foreign Minister’s Visit: The loan approval comes ahead of China’s Foreign Minister, Wang Yi’s, visit to Nigeria.
- Project Cost: The Kano-Kaduna railway project is estimated to cost $973 million.
China Development Bank has approved a $254.76 million loan to support the completion of the Kano-Kaduna railway project in Nigeria. This loan is a significant boost to the project, which has faced delays due to funding challenges. The 203-kilometer standard-gauge railway will connect Kano to Abuja, providing a safe, efficient, and convenient transportation link for local residents .
The project is part of China’s Belt and Road Initiative and is being constructed by the China Civil Engineering Construction Corporation. Once completed, the railway is expected to stimulate economic growth, create jobs, and promote the development of related industries along its route .
The loan approval comes ahead of a scheduled visit by China’s Foreign Minister, Wang Yi, to Nigeria this week. Wang Yi will meet with President Bola Tinubu and senior government officials to discuss bilateral cooperation and other issues of mutual interest .
The Kano-Kaduna railway project is estimated to cost $973 million, and the approved loan will facilitate the smooth progress of the project’s construction. The project’s completion is expected to have a significant impact on Nigeria’s transportation sector and economy as a whole.
