{"id":69729,"date":"2019-10-11T07:47:25","date_gmt":"2019-10-11T06:47:25","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=69729"},"modified":"2019-10-11T07:47:25","modified_gmt":"2019-10-11T06:47:25","slug":"fg-china-sign-3-9billion-contract-agreement-to-link-fct-itakpe-warri-by-railway","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/fg-china-sign-3-9billion-contract-agreement-to-link-fct-itakpe-warri-by-railway\/","title":{"rendered":"FG, China Sign $3.9billion Contract Agreement To link FCT, Itakpe\/Warri by Railway"},"content":{"rendered":"
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The Federal Government has signed a contract agreement for the
\nconstruction of railway to link Abuja, the Federal Capital Territory
\nwith Itakpe and Warri.<\/p>\n

The rail line which is about $3.9b will pass through Barrow and have a
\nbranch line to Lokoja, the Kogi State capital.<\/p>\n

Also included in the contract agreement is the completion of the rail
\nline from Warri Central Station and construction of the new Warri Sea
\nport.<\/p>\n

The Minister of Transportation, Chibuike Rotimi Amaechi,\u00a0 while signing
\nthe Contract on behalf of the Federal Government on Thursday in Abuja,
\nsaid the contract will be operated on a Public Private Partnership (PPP)
\nplatform where the Federal Government and the Chinese company are
\nexpected to contribute equity to the cost of the construction.<\/p>\n

According to Amaechi, “The signing ceremony we are witnessing today is
\nthe first PPP railway agreement for Abuja, Barrow, Itakpe and Lokoja.
\nThe agreement is between the Federal Republic of Nigeria and China
\nRailway Construction Company International (CRCCI). In the agreement, it
\nis 15 percent Nigeria and 10 percent CRCCI and then we would borrow the
\nremaining seventy five percent as SPV from the Chinese EXIM bank.”<\/p>\n

“Part of the agreement is that the CRCCI will provide us with a
\nperformance bond before we give a sovereign guarantee for them to be
\nable to borrow the remaining seventy five percent,” Amaechi said.<\/p>\n

The Minister added that any outstanding fund arising from the contract
\nwill be borrowed with the Federal Government’s guarantee, which would
\nalso be backstopped by performance bond from the company. “And then
\nthere is a concession agreement that requires CRCCI to manage both the
\nrailway and the seaport and recover the seventy five percent and pay the
\nmoney.<\/p>\n

“So, the entire railway for now in Nigeria is constructed by CRCCI.
\nHonestly, I don’t know why we have not concluded the Ibadan dry port. We
\nneed to conclude that and get it out of the way. Nigeria is waiting for
\nCRCCI at Abuja to Itakpe and Warri seaport. Before the approval at the
\nFederal cabinet, CRCCI was pushing us with so much pressure to approve
\nit, now that we have approved it they are not on site,” he told the
\nChinese delegation.<\/p>\n

He however commended the working relationship between the Federal
\nGovernment and CRCCI over the years, and reminded them that there was
\nneed to localise technology and participation.<\/p>\n

“I think that the good working relationship between the Federal
\nGovernment and CRCCI Is the reason we have not engaged other companies,
\nand there’s the need to localise the technology and we need local
\nparticipation of both Nigerian Engineers and contractors. So we need you
\nto work with us to develop the knowledge of Nigerians in terms of the
\nRailway University and provide us with lecturers until such a time that
\nwe are able to have our own lecturers,” he said.<\/p>\n

Amaechi further stated that the Chinese company is expected to operate
\nwith the aim of meeting the repayment term of the borrowing within a
\nconstruction period of thirty years.<\/p>\n

Earlier, leader of the Chinese delegation and Vice Chairman of CRCCI,
\nWang Wenzhong, said they would provide solutions to the development of
\nNigeria railway and ensure the best in terms of quality delivery. He
\nacknowledged that there had been significant achievements in
\ntransportation infrastructure under the present government.<\/p>\n

“CRCCI is China’s biggest construction company and the biggest railway
\ncompany in the world. We pay lots of attention to the development of
\nNigeria, we also make use of our best resources in Nigeria. We also make
\ndemand for our subsidiaries to work harder for Nigeria and her people.
\nWe, as government, we know that you have made a lot for the development
\nof CRCCI, we appeal to you to provide your continuous support for the
\nachievements you have made.<\/p>\n

“We have also witnessed a great achievement in transportation under your
\nleadership and we are going to provide all solutions to the development
\nof Nigeria railway. We want all projects in Nigeria to be the best in
\nterms of quality,” Wenzhong stated.<\/p>\n

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The Federal Government has signed a contract agreement for the construction of railway to link Abuja, the Federal Capital Territory with Itakpe and Warri. 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