FCT minister, Senator Bala Mohammed yesterday in Beijing, China announced that the Abuja Light Rail project has reached its final implementation take-off stage.
The minister made the declaration when he represented the Administration at the signing ceremony of the agreement for $500 million loan that is needed to bring the light rail project to conclusion.
Nigeria's Minister of Finance, Dr Ngozi Okonjo-Iweala, signed the MoU agreement of the $500 million loan that will be provided by the Chinese Exim Bank. The signing of the agreement set in motion a non-stop continuation of the Abuja Light Rail project.
As he welcomed the Nigerian delegation to China, the Vice president of the Nexim bank, Mr Sun Ping said China and Nigeria have had a long standing relationship and that they have always treated each other like brothers. He further explained that the Exim bank is owned by the government of China and that China wants to further strengthen economic cooperation with Nigeria.
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In her response, Okonjo-Iweala said it is in the interest of both countries to cooperate with each other. China is the largest country in the world and 2nd biggest economy in the world, while Nigeria is the largest in Africa and 2nd biggest economy on the continent.
Dr Okonjo-Iweala said that during their trip to China earlier this year, they made it clear that Nigeria and the FCT needed the Abuja light rail project. She added that the project is important to President Jonathan, the FCT Administration and FCT residents.
On his part, Senator Bala Muhammad said "today marks a major milestone in the history of the provision of infrastructure in the FCT".
The minister added that "the Abuja light rail is of major significance to us because it will move people from the outskirts to the centre of the Federal Capital City and vice versa. This will go a long way in enhancing the FCT residents' economic power and decongesting the city."
Daily Trust
China is really improving their economy in series of ways.I love that country