China Railway Construction Corporation, on Monday, August 29, announced that it has been awarded a $1.851 billion contract to construct the Kano city light rail in the ancient northern state.
The company said it has received a provisional letter of award from Nigeria for the the 74.3 kilometres rail track. The first phase of the project construction is billed to take two years, while the second phase of the four-line rail is expected to take another two years.
It said the contract amounted to approximately $1.851 billion (equivalent to approximately RMB 120.3 Billion), accounting for two per cent of the Company’s 2015 revenue, under the China Accounting Standards,” the announcement read.
Nigeria is investing heavily in capital projects, building infrastructure, and replacing half-a-century old rail lines, in the country.
With over N1 trillion budgeted for capital expenditure in the 2016 appropriation Act, Nigeria is expected to invest the highest amount of money in capex in its 56-year history.
