Business Nigeria Signs $12bn Rail Line Deal Linking Lagos and Calabar

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China Railway Construction Corp has signed a $12bn deal with Nigeria to build a railway along the West African nation's coast, Reuters reports:

Excerpt:

The announcement comes shortly after Mexico abruptly scrapped a $3.75 billion high-speed rail contract with a consortium led by the Chinese firm over transparency concerns.

"It is a mutually beneficial project," CRCC Chairman Meng Fengchao told Xinhua. He added the railway project will lead to equipment exports from China worth $4 billion, including construction machinery, trains and steel products.

The project will create up to 200,000 local jobs, according to Xinhua, helping Beijing in its soft power push to gain a foothold in resource-rich regions of Africa.

The coastal railway will stretch for 1,402 kilometres, linking Nigeria's economic capital Lagos in the west with Calabar in the east, Xinhua said.

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