The Kano-Maradi (Niger Republic) rail project will cost the Nigerian government $1.9bn, according to the Minister of Transportation, Rotimi Amaechi.
Amaechi also disclosed that the railway project will commence on Tuesday.
The former Governor of Rivers State, while featuring on Channels Television’s Sunday Politics noted, however, that the country has not secured the money, saying that “we are about concluding.”
He said, “The project is going to cost us $1.9bn and we will source it from mostly Europe”.
When asked how long it will take the country to repay the loan, the Minister replied, “that it is not within the jurisdiction of my ministry but the railway project will commence on Tuesday.
“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 added.
According to the APC chieftain, the project will open up the country to more investment, arguing that it is for the best interest of Nigeria to the Kano-Maradi railway to be constructed.
“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,” Amaechi submitted.
