Chinese Bank Approves $254M for Kano-Kaduna Railway Project

The China Development Bank (CDB) has approved a $254.76 million loan to support the Kano-Kaduna railway project in Nigeria.

Announced on Tuesday, the loan will facilitate the smooth progress of the 203-kilometer standard-gauge railway connecting Kano, a key northern city, to Abuja, Nigeria’s capital. The project is being constructed by China Civil Engineering Construction Corporation (CCECC), with financial backing from the CDB.

The CDB emphasized the railway’s potential to revolutionize transportation by providing a safe, efficient, and convenient mode of travel for local residents. It is also expected to boost economic growth along the corridor by creating jobs and fostering development in related industries.

“This project will offer direct rail connectivity between Kano and Abuja, significantly improving mobility while stimulating regional economic activities,” the bank stated.

The Kano-Kaduna railway has been listed as one of the practical cooperation projects under the Third Belt and Road Forum for International Cooperation. This highlights its importance in strengthening economic and infrastructural ties between China and Nigeria.

The CDB assured stakeholders that construction is progressing smoothly and reiterated its commitment to collaborating with the Nigerian government for effective fund disbursement and project management.

President Muhammadu Buhari initially flagged off the Kano-Kaduna railway construction on July 15, 2021. It represents the third segment of the Lagos-Kano standard-gauge railway modernization project, following the Abuja-Kaduna segment inaugurated in July 2016 and the Lagos-Ibadan segment launched in June 2021.

This railway modernization initiative is part of Nigeria's broader efforts to revamp its infrastructure, improve transportation, and stimulate economic development. By linking key cities, the project aims to enhance regional integration and provide a reliable alternative to road travel.

The successful completion of the Kano-Kaduna railway is anticipated to transform northern Nigeria's transportation landscape and strengthen the country’s connectivity with its economic hubs.

Business

Absa Bank Names Mohammed Nyaoga as New Board Chairman
Absa Bank Names Mohammed Nyaoga as New Board Chairman

Absa Bank Kenya has appointed lawyer Mohammed Nyaoga as its new board chairman, marking a significant leadership transition.

South Africa in Talks with Chinese Carmakers on Local Production
South Africa in Talks with Chinese Carmakers on Local Production

South Africa is negotiating with major Chinese carmakers to boost local vehicle production and reduce reliance on imports.

EU Fines Google $3.45 Billion for Abusing Adtech Monopoly
EU Fines Google $3.45 Billion for Abusing Adtech Monopoly

The European Union has fined Google €2.95 billion ($3.45 billion) for abusing its dominance in the digital advertising market.

Trump Signs Order Cutting Tariffs on Japanese Cars to 15%
Trump Signs Order Cutting Tariffs on Japanese Cars to 15%

US President Donald Trump has signed an executive order lowering tariffs on Japanese car imports from 27.5% to 15%, marking a significant shift in trade relations between Washington and Tokyo.

Other Stories