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Nigeria's multi-billion dollar rail project brings hope of economic development

2014-11-23 10:15 Xinhua Web Editor: Wang Fan
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A window of economic opportunities and developments might open following last week's signing of a landmark construction contract by Nigeria and China, to build a railway along the coast of Africa's most populous country, analysts said with a ray of hope.

Expectations are high, as the contract, signed last Wednesday, was greeted with hope that the project will enhance economic development.

The 11.97 billion US dollar contract, to be executed by China Railway Construction Corporation Ltd (CRCC), is noted as China's single largest overseas contract project.

The coastal 22-stop railway, which will stretch for 1,402 kilometers, will link Nigeria's economic capital Lagos in the west with Calabar in the east.

As the trains will travel at a top speed of 120 km per hour, Nigerians are hoping the project will usher in economic developments on a higher speed. Apart from that, the project will create up to 200,000 local jobs, directly or indirectly, while up to 30,000 fixed job posts may also be provided when the railway is operational.

Thus, expectations are high that the project will create a window of opportunities resulting to fruitful economic developments in the states which the construction will pass through, and Nigeria at large.

"This is part of the transformation agenda of President Goodluck Jonathan for this country," Nigeria's Minister of Transport Idris Umar said while describing the project, a green and efficient transportation mode.

Citizens of the West African country are optimistic that, given the strategic location of the project, better times lie ahead for them, noting, on the long run, the economic activities which will take place from Lagos to Calabar will play a more significant role in Africa.

"This is because it will open the eyes of investors and encourage them to do more business here. For this, we are really glad and proud of the government. We hope more initiatives like this will be extended to other regions in Nigeria," said Boyo Evah, a local economic analyst.

Coming at a time Nigeria's gross domestic product needs to be bolstered, more citizens opined that the railway project was timely and people-oriented. "When completed, the rail project will be for the common good of Nigerians and foreigners who will find it useful," said Laide Ogunnusi, a Lagos-based international business woman.

"In all civilized societies, efficient rail system enhances commercial activities and mass movement of people from one place to another. So, this implies that the rail project will be beneficial to the economy of Nigeria. It will also encourage and promote, in no small ways, business among the local people. It is a laudable project. And, of course, the government should be commended for taking such bold step to earmark that huge amount of money for the project," she added.

For Bashir Mohammed, an Abuja-based industrialist, this landmark rail project which will traverse 10 states including the commercial hub of Nigeria and oil rich region of the country, a ray of hope is here, noting "there are lots of commercial activities going on in that region and, no doubt, the presence of an efficient high-speed rail network will further boost the economy of the 10 states and Nigeria as a whole".

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