Friday, November 21, 2014

Chinese firm signs $12bn deal to build Lagos-Calabar railway

A state-owned Chinese company has signed a $12 billion agreement with the Nigerian government to build a railway in Nigeria's coast, the state media said on Thursday.

China Railway Construction Corp. Ltd. (CRCC) signed the official construction contract with the Nigerian government on Wednesday in Abuja, the Xinhua news agency said.

The railway will stretch for 1,402 kilometres (871 miles), linking Lagos and Calabar, according to the report.

The $11.97 billion deal marks China's largest single overseas contract project so far, it said, citing CRCC.

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