• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business
FG urges contractors to complete Ebute Meta–Apapa seaports railway extension by January 2021

Amaechi expresses concern over completion of Kano-Kaduna rail line project

Chike OlisahbyChike Olisah
2 years ago
in Business
Share on FacebookShare on TwitterShare on Linkedin

The Minister of Transportation, Rotimi Amaechi, has expressed concerns over the Kano-Kaduna railway project as he says that lack of adequate funding may slow down the pace of work and completion of the project.

This was disclosed by Amaechi while on an inspection of the Kano-Kaduna rail project on Friday in Kano, where he directed the Chinese contractor to move all equipment to site promising to keep monitoring until the job is done.

What the Minister of Transport is saying about the project

Amaechi in his statement said, “I have never denied that we are having financial challenges and that is because of economic downturn. The Chinese are not funding the way they used to fund us and up till now, we are yet to conclude the loan for this project. So we are funding this project from the budget.

“That is why I was skeptical about the completion and said if funding is available. However, we are putting pressure on all the necessary institution that need to give us money. But currently, we fund it through the budget, we will approach the Ministry of Finance again to fund us within this period.’’

Amaechi was optimistic that the project would be delivered for commercial activities before May 2023, based on the pace of work by the contractors and the availability of funds.

The minister restated the importance of utilising local materials and manpower in the construction of the rail project adding that government is encouraging not only the use of local materials but passing all those kinds of jobs to local Nigerians.

On equipment, he said it was agreed that the Chinese contractor should bring in 2,000 equipment to ensure availability of equipment for the project at all times and prevent reoccurrence of what was experienced during the construction of the Lagos-Ibadan rail project.

He explained, “They brought about 472 equipment, 200 of them are in the sea port, but what we agreed is that they must bring in 2,000 equipment.

“This is because what we suffered in Lagos- Ibadan, was the fact that equipment were breaking down, was not enough and they couldn’t place order for new ones.

“So for this one,  buy all the equipment that you need so that as they break down you replace so that we will be able to complete the project in due time.’’

On the benefits, Amaechi reiterated that the essence of the project was for easy movement of passengers and cargoes, especially cargoes as Kano was the most important economic mass centre and the project would ensure activities that took place in Kano be conveyed easily to Lagos.

What you should know

  • Recall that earlier in July 2021, President Muhammadu Buhari flagged off the construction of the Kano -Kaduna rail project even though the loan for the project was not forthcoming from China as earlier planned.
  • The Minister of Transportation, Rotimi Amaechi, revealed that the project would now be funded from the ministry’s budgetary allocation as the Federal Government would not continue to wait endlessly for the loan.
  • Amaechi had also earlier disclosed that the Federal Government has committed about $280 million in the $1.2 billion Kaduna-Kano rail project which is a continuation of the already completed Abuja-Kaduna rail line.
Tags: Amaechi expresses concern over completion of Kano-Kaduna rail line project
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Former Petroleum Minister, Allison Madueke, charged to London court for bribery
  • Piggyvest woos Ilebaye with N7.5 million interest on 50% of her N120m grand prize
  • I would have devalued the naira- Peter Obi

Follow us on social media:

Recent News

Court orders permanent forfeiture of assets belonging to former minister Diezani

Former Petroleum Minister, Allison Madueke, charged to London court for bribery

October 2, 2023
Piggyvest woos Ilebaye with N7.5 million interest on 50% of her N120m grand prize

Piggyvest woos Ilebaye with N7.5 million interest on 50% of her N120m grand prize

October 2, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In