Estimated Reading Time: <1
President Muhammadu Buhari departs Abuja for South-Africa ahead of the China-Africa Corporation Forum in Jonannesburg.
While at the #FOCAC summit in Johannesburg, President @MBuhari will follow up his meeting with the Chinese leader Xi Jinping..which took place on the sidelines of the United Nations General Assembly meeting in November in New York.
President Buhari had indicated to Xi Jinping, the Chinese leader at the bilateral meeting in New York that he wanted China to re-commence stalled rail projects under new terms that would see China providing nearly all the financing required.
Garba Shehu said PMB is taking particular interest in the coastal railway project stretching 1402 kms linking Lagos in the West with Calabar in the East; a project that is expected to be financed with 12 billion U.S Dollars Chinese loan and which will create about 200,000 jobs
Another rail project that will be up for renegotiation is the $8.3bn Lagos-Kano standard gauge modernization project,.of which only a segment, Kaduna-Abuja has reached completion stage.
President Buhari is also expected to discuss ways of removing all obstacles in the way of the 3,050 MW Mambila Power Station.
The Mambila Power Station is considered a strategic project which was conceived in 1982 but has not taken off.
The Chinese President had informed PMB of the willingness of his country to finance the whole project through a special loan agreement and the Minister of Industry, Trade & Investment, Okechukwu Enelamah, President Buhari is expected to return to Abuja on Saturday, Dec. 5.