China, Nigeria sign N2.06tr railway contract

China Railway Construction Corporation Limited (CRCC) has announced the signing of a N2.06 trillion  (80.779 billion yuan) rail construction project contract with Nigeria.

In a statement released by the Chinese company via the state media on Tuesday, it was revealed that the company, in the contract signed with the Federal Ministry of Transportation, will construct a speed railway with a single track  line length of 1385 km and a design speed of 120 Kilometers per hour.

The contract amount represents about 13.8 per cent of China Railway Construction’s 2013 operating revenue under Chinese accounting standards, the company said.

The federal government is seeking to revamp the rail transportation system in the country by constructing rail lines and provide more coaches, while China has voiced strong support for Africa’s infrastructure development as part of its aim to build a long-term partnership with the continent.

The China Railway Construction Corporation is the second-largest state-owned construction enterprise in China, just after China Railway Engineering Corporation, and the world’s top construction contractor by total revenue in 2012. It was founded in 1948, and it is headquartered in Beijing, China.