Lagos ibadan railway line nigeria seeks 1 5billion from china

You're referring to the proposed Lagos-Ibadan railway line in Nigeria, which is seeking a loan of $1.5 billion from China.

Here's a brief background on the project:

The Lagos-Ibadan railway line is a major infrastructure project aimed at connecting the economic hubs of Lagos and Ibadan, two of Nigeria's largest cities. The project involves the construction of a new railway line that will run for approximately 156 kilometers, with a maximum speed of 120 kilometers per hour.

The project is being implemented by the Nigerian government, with the support of the China Railway Construction Corporation (CRCC). The CRCC is a state-owned Chinese construction company that has been involved in several major infrastructure projects across Africa.

In 2017, the Nigerian government signed a Memorandum of Understanding (MoU) with the CRCC to finance the project through a loan of $1.5 billion. The loan is expected to be repaid over a period of 20 years, with an interest rate of 3% per annum.

The project is expected to be completed by 2023, and will include the construction of new railway tracks, bridges, and stations, as well as the upgrade of existing infrastructure. The project is expected to improve transportation links between Lagos and Ibadan, reduce travel time, and boost economic growth in the region.

The loan from China is part of a broader effort by the Nigerian government to improve its infrastructure and stimulate economic growth. The government has been seeking to attract foreign investment and expertise to support its infrastructure development plans, and the loan from China is seen as a key part of this effort.

It's worth noting that the loan from China has been the subject of some controversy, with some critics arguing that it will increase Nigeria's debt burden and undermine the country's economic sovereignty. However, the Nigerian government has defended the loan, arguing that it is necessary to support the country's economic development and improve its infrastructure.