The Chinese are coming

The Export-Import Bank of China and the China Development Bank have put $1.902 billion into the railroad and deep seaport projects in Nigeria.

Mr. Liu Junsheng, the Commercial Consul, Consulate General of the People’s Republic of China in Lagos, made this known on Tuesday amid a press conference on China’s second Belt and Road Forum for International Cooperation hosted in Beijing, China on 25-27 April 2019.

As claimed by Junsheng, the Export-Import Bank of China gave concessional loans of $1.267 billion for the Lagos-Ibadan Railway Project as well as the expansion to Lagos Port Complex at Apapa.

He clarified that a contract sum of $1.488billion was signed for the Nigerian Railway Modernisation Project Addendum No.2 Lagos-Ibadan section and $94.07 million for Addendum No.2A for the expansion to the Lagos port complex at Apapa, totaling $1.581 billion.

He stated, “The Export-Import Bank of China gave $1.267 billion of the concessional loans making up 80.14 percent of the absolute contract total of Addendum No.2 and 2A; and the Nigerian Federal Government gives partner assets of $314 million, making up for 19.86 percent.”

Junsheng also recalled that the development of the railroad project by CCECC started in May 2017, including that works started at the same time in various areas of the project with more than 10,000 foreign and local workers and over 1,600 sets of equipment.

He stated, “As of the time of this report, more than 80 percent of the foundation works and more than 100 kilometers of twofold track-laying have been finished. Further, track-laying to Ibadan is advancing at a rate of 2km every day. The project is scheduled to be finished in May 2020.”

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