Buhari with world leaders at Sochi
Nigeria made major gain in ongoing Sochi summit on Rissia with a landmark deals on Russian investment in Nigeria railway modernisation and expansion programme.
Russia is to enter into the Nigerian railway market through the Eastern Corridor and the PortHarcourt -Maiduguri line.
This is considered very significant as Russia has highly developed railway technical capacity.
Oleg Belozerov, General Director and Chairman of the Board of Russian Railways, and Chibuike Rotimi Amaechi, Minister of Transport of the Federal Republic of Nigeria, signed the memorandum of understanding covering many railway areas today in Sochi.
The parties have agreed to establish long-term cooperation. In particular, the memorandum indicates that the Government of Nigeria is interested in restoring existing railways and rolling stock, expanding the network of Nigerian railways through the construction of new railway lines.
The document also states that the parties will seek to expand cooperation for the development of the railway industry and the improvement of railway equipment of the Federal Republic of Nigeria.
Russian Railways will determine the extent of its participation in the proposed projects in Nigeria, in particular the Lagos-Calabar coastal railway project and Port Harcourt – Maiduguri railway project, taking into account its technical and personnel resources.
In addition, Russian Railways will offer the directions of development of railway transport systems through the design, construction, management and maintenance of railway infrastructure in Nigeria and the introduction of other modernization solutions that may be proposed to the Government of Nigeria.
The memorandum also allows the parties to initiate other areas of cooperation.