China Railway Construction Corporation has agreed to construct a high-speed railway in Nigeria in a deal worth $13.1bn.
An agreement was signed by China Railway unit China Civil Engineering Construction Corporation and the Nigerian Government, with the aim to develop fast rail and other infrastructure projects in Africa.
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The contract has been announced by Chinese Premier Li Keqiang during a visit to Ethiopia, who also unveiled additional funding of approximately $12bn to aid the development of high-speed rail transport in the continent.
According to the agreement, the company will construct a single track railway line spanning 1,385km, where trains are likely to travel at speeds of 120km/h.
Twenty two railway stations are expected to be built along the proposed high-speed railway, which is likely to cross ten Nigerian states, including the oil-producing delta in the country.
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Even though details about its location have not been disclosed, both parties are currently engaged in talks regarding the details based on the released framework.
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By GlobalDataChina Railway Construction claims that the contract value represents about 13.8% of its 2013 operating revenue under Chinese accounting standards.
The state-backed Chinese company has been providing its support in the form of construction and engineering services in the West African region, and has also established a railway technology training centre in the capital to train local employees.
