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

In 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 unofficial sources

3