NIGERIA SIGN RAIL CONCESSION AGREEMENT IN WASHINGTON DC

Nigeria signs railway concession agreement with General Electric.

Nigeria Government have just signed a railway concession agreement with an international consortium led by General Electric (GE). The agreement signing in Washington D.C. is for the interim phase of the Nigerian narrow-gauge railway concession. The consortium comprises of four companies  SinoHydro, Transnet, APM Terminals and then General Electric.

This development is part of the dividends of President Muhammadu Buhari’s visit to the White House in Washington DC.

The Interim phase includes remedial works & also track repairs on the the narrow gauge rail line to make it technically and economically operable.

There will also be a joint operation between the consortium and the Nigeria Railway Corporation (NRC) for the supply of 10 locomotives and 200 wagons. This is to augment the existing rolling stock in Nigeria. This will in turn also increase the frequency of passenger and freight rail services.

The freight haulage capacity by the end of the first 12 months of the interim phase will also increase ten-fold. From less than 50,000 metric tonnes per annum to about 500,000 metric tonnes per annum.

The Consortium looks forward to commencing execution of this Interim Phase with the support of Government and the Ministry of Transportation.

Modernizing Nigeria’s rail infrastructure, will add immense value to Nigeria’s long term economic growth and productivity. It will also be an important catalyst for small and medium enterprises .

It will be a key provider of socio-economic benefits for the many towns and villages where the rail network passes.