China Development Bank Approves $254.76 Million Loan for Nigeria’s Kano-Kaduna Railway Project
The China Development Bank has approved a $254.76 million loan to facilitate the completion of the Kano-Kaduna railway project.
This critical funding comes as China’s Foreign Minister, Wang Yi, is set to visit Nigeria as part of his annual New Year tour of Africa.
The 203-kilometre (126-mile) standard-gauge railway, connecting the northern commercial hub of Kano to Abuja, the nation’s capital, has been plagued by funding delays.
Estimated to cost $973 million, the project is pivotal to Nigeria’s transportation infrastructure and forms a crucial component of China’s Belt and Road Initiative.
According to a statement on its website, the China Development Bank affirmed that the loan would ensure the smooth continuation of construction work, bringing the long-awaited project closer to completion.
Once operational, the railway is expected to significantly enhance the transportation of goods and passengers, offering a safer and more efficient alternative to road travel, thereby improving the lives of local residents.
China’s Foreign Minister Wang Yi is scheduled to arrive in Nigeria on Wednesday and will hold discussions with President Bola Tinubu and senior government officials on Thursday.
His visit underscores China’s commitment to strengthening its ties with Nigeria and the African continent at large.
Constructed by the China Civil Engineering Construction Corporation, the Kano-Kaduna railway is envisioned as a transformative project that will bolster economic activities and regional connectivity, aligning with Nigeria’s broader development goals.
