The Minister of Transportation, Chibuike Rotimi Amaechi on Saturday said UK-based Standard Chartered Bank has agreed to fund the Lagos-Calabar coastal rail project to the tune of $11bn.
The project is estimated to cost $14.4bn leaving the government with a balance of $3.4bn to complete the project.
According to Amaechi, the proposed rail line upon completion will pass through some key coastal cities from Lagos to Calabar.
The statement reads, “London-based Standard Chartered Bank offers to fund the Lagos-Calabar coastal rail with $11bn of the $14.4bn needed to build the project.
The rail line will pass through Calabar, Uyo, Aba, Port Harcourt, Yenagoa, Otuoke, Ughelli, Warri, Sapele, Benin, Agbor, Asaba, Onitsha, Ore, Ijebu Ode, Sagamu and Lagos!,” the minister’s statement said.