FG Awards $1.85 Billion Railway Contract to Chinese Firm

FG has awarded a $1.85 billion tram construction contract to a consortium led by the Chinese Railway Construction Corporation, according to the company.

China Railway Construction Corp. Ltd. (CRCC) a Chinese state-owned company has declared that its consortium has won a tram construction contract worth about $1.85 billion in Nigeria. CRCC has historically sought railway construction contracts in other countries especially Nigeria, with the company reportedly signing a $11.97 billion contract for railway construction linking Lagos and Calabar in the east in 2014. The railway was supposedly 1,402km long.

However, CRCC has had its own share of controversies as Mexico cancelled a $3.75 billion bullet train deal only days after it was signed with a Chinese-led consortium headed by CRCC reportedly due to concerns about transparency.

More details to follow…

Parts of this article originally appeared in Reuters