Nigeria's Senate has approved China Development Bank as new financier for the country's Kaduna-to-Kano rail project at a cost of $973 million, after another Chinese lender withdrew from the project in 2020, lawmakers said on Tuesday.
Parliament had in 2020 approved China's Exim Bank as financier for the rail project, which was lumped in with the government's external borrowing plan of $22.8 billion, before the bank withdrew.
President Muhammadu Buhari made upgrading Nigeria's transport network and improving outdated power grids the pillar of his administration, with a view to boosting agriculture and other non-oil industries to cut dependence on dwindling crude revenues. But funding has been a major constraint.
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