The Export-Import Bank of China has approved $1.3bn loan for the construction of Lagos-Ibadan standard gauge rail line.
While Nigeria is to bear 15 per cent of the cost of the project, China will shoulder 85 per cent for the first phase fast rail that will eventually terminate in Kano.
The Managing Director, Nigerian Railway Corporation, Fidet Okheria, says the Exim bank of China has now approved the loan and the next stage is for the Minister of Finance to sign it to signal the beginning of the project.
The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government and both parties had signed an agreement to that effect.
