General Electric To Invest 8.2 Trillion Naira On Nigeria Rail
Let’s say American multinational engineering company, General Electric, GE has a lot of faith in Nigeria.
Very few countries still run their trains on narrow-gauge but while the Nigerian government is dreaming to modernise the rail lines by transforming them into standard gauge or building new ones outright, GE is pouring in lots of money to get the narrow-gauge working.
On Saturday, the minister of Transportation, Rotimi Amaechi said General Electric, GE is investing 2.7 billion dollars, about 8.2 trillion naira on infrastructure, Operation and Maintenance (O and M) of the entire narrow-gauge lines.
This was part of the information Amaechi made available while accounting for his stewardship as minister of transport for the past two years.
According to him, GE is investing 700 million dollars on infrastructure, with two billion on O and M.
He, however, said that the ministry concluded the agreement on interim trade with GE on November 6, for them to commence work in December.
“We are already in conversation with GE, we are negotiating with them, by Monday we will conclude agreement on the interim trade, which means that they will start working and functioning from this December.
“But NRC will still be on the platform, till we conclude the proper negotiation agreement, which will likely be within March and April 2018.
“Then NRC will be out, it will be fully managed by GE. They will work on the infrastructure, which is about 700 million dollars’ worth of investment on infrastructure.
“Two billion dollars for O and M, so their investment is about 2.7 billion dollars for the entire project,” he said.
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