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Overview

China Eximbank pledges $2.59 billion loan for Segment 1 of the Lagos-Calabar Coastal Rail Project

Commitments (Constant USD, 2023)$2,658,324,458
Commitment Year•2014Country of Activity•NigeriaDirect Recipient Country of Incorporation•NigeriaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Nigeria

Implementing agencies

Government Agencies

  • Nigerian Ministry of Transportation

State-owned companies

  • China Civil Engineering Construction Corporation (CCECC)

Loan desecription

China Eximbank pledges $2.59 billion loan for Segment 1 of the Lagos-Calabar Coastal Rail Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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