China Exim bank approves N408 billion for Lagos-Ibadan rail project

About a week after the Federal Government announced the release of N72 billion as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import (Exim) Bank of China has approved US$1.275 billion (about N408 billion) loan for the project on behalf of the Chinese government. While Nigeria is to bear 15% of the cost of the project, China will shoulder 85 per cent for the first phase fast rail that will eventually terminate in Kano.