$11.97b rail contract signed with Nigeria
China and Nigeria have signed an $11.97 billion contract to build a railway along the African country’s coast, China Railway Construction Corp Ltd (CRCC) said. It is China’s single largest overseas contract project, the CRCC said.
The coastal 22-stop railway will stretch for 1,402 kilometers (871.16 miles) and link Nigeria’s economic capital Lagos in the west with Calabar in the east. Trains will travel at a top speed of 75 miles per hour, according to the CRCC.
“It is a mutually beneficial project,” said CRCC chairman Meng Fengchao, adding that the coastal railway project will create up to 200,000 local jobs, directly or indirectly.
“Up to 30,000 fixed job posts may also be provided when the railway is operational,” Meng said.