China Eximbank pledges $2.59 billion loan for Segment 1 of the Lagos-Calabar Coastal Rail Project
Pledged amount
$ 2869688657.907443
Adjusted pledged amount
$ 2869688657.907443
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Nigeria
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On June 9, 2017, Nigeria’s Minister of Transportation, Chibuike Rotimi Amaechi, appeared before the country’s Senate Committee on Local and Foreign Debts and announced that the Government of Nigeria would obtain a $2,592,088,355.63 loan from China Eximbank for Segment 1 of the Lagos-Port Harcourt-Calabar Coastal Railway Project. The Lagos-Port Harcourt-Calabar Coastal Railway Project will run from Lagos to Calabar and cut through most states in the South East and South. The high speed railway will have the capability of cutting travel time from Lagos to Calabar by 11 hours. Segment 1 of the Lagos-Port Harcourt-Calabar Coastal Railway Project will run from Lagos to Port Harcourt with an extension to the Onne Deep Sea Port. The total cost of the project is $3,427,741,498. The Nigerian Federal Government's contribution to the project will be $835,653,142.49. China Civil Engineering Construction Company (CCECC) is contractor responsible for implementation.
Additional details
This project is also known as Segment 1 of the Lagos-Calabar Coastal Rail Project, the Calabar–Port Harcourt Railway Segment with Extension to Onne Deep Sea Port Project, and the Lagos–Port Harcourt–Calabar Coastal Railway Line Project
Number of official sources
6
Number of total sources
10
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Nigeria [Government Agency]
Implementing agencies [Type]
China Civil Engineering Construction Corporation (CCECC) [State-owned Company]
Nigerian Ministry of Transportation [Government Agency]