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China Development Bank, CDB, has approved the first tranche of a $255 million loan for the Nigerian government’s Kaduna-Kano railway project.
This was disclosed in a statement by CDB on Tuesday.
The loan, according to the China Development Bank, will provide crucial financial backing to ensure the smooth construction of the transportation initiative.
The railway is on the list of practical cooperation deliverables released during the third Belt and Road Forum for International Cooperation in 2023.
CBD said the railway project has been making steady progress, so far, adding that going forward, it will closely coordinate with Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management.
The Eastern Updates reports that the Kaduna-Kano railway, which spans through 203 kilometres in total, once completed, would provide a direct rail connection between Kano and Kaduna.
In other news, President Bola Tinubu, in a statement on Tuesday, praised African leaders for their strides in addressing poverty, asserting that the continent is steadily charting a course toward economic empowerment. He further noted that Africa’s commitment to democratic governance underscores its ability to overcome challenges and redefine its global image.
In addition, President Bola Tinubu challenged critics of Africa’s progress to recognize the considerable achievements of countries like Nigeria and Ghana in advancing democratic principles. He appealed for a more understanding approach, urging that Africa be allowed the room to evolve at a pace suited to its circumstances and challenges.
Speaking as a distinguished guest at the inauguration of President John Mahama in Accra yesterday, President Bola Tinubu declared that Africa has nothing left to prove in terms of its commitment to democracy. He pointed out that the continent has already firmly entrenched democratic values, making the argument for Africa’s democratic maturity clear and unassailable.
