The China Railway Construction Corporation says it has signed $1.851 billion contract to construct the Kano city light rail.
While revealing this to the media yesterday, the company says it has received provisional letter of award from Nigeria to carry out the projects.
The receipt of the contract is valid for three weeks from the day of award, after which “uncertainties” will prevail. The company explained that the rail, with a total length of 74.3 kilometres, is expected to travel at a speed of 100 kilometres per hour.
”In context, 100 kilometres per hour is as fast as moving from Lagos to Ibadan in 72 minutes.”
According to the Company, the first phase of the project construction is billed to take two years, while the second phase of the four-line rail is expected to take another two years.
“Project contract amount of approximately $ 1.851 billion, equivalent to approximately RMB 120.3 Billion, accounting for 2 percent of the Company’s 2015 revenue, under the China Accounting Standards,” the company stated.