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May 7, 2014

China Railway signs $13.1bn deal to construct high-speed railway in Nigeria

China Railway Construction Corporation has agreed to construct a high-speed railway in Nigeria in a deal worth $13.1bn.

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.

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.

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.

China 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.

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