China Civil Engineering Construction Corp, or CCECC, a subsidiary of China Railway Construction Corp, recently signed a supplementary contract with the transportation department of Nigeria to modernize the country's railway system using an investment of $1.487 billion, according to an announcement from the CRCC.
A supplementary contract for the investment concerns a 156.8-kilometer double track railway that is to connect Lagos and Ibadan and which will be designed to allow trains to travel at 150 kilometers an hour. The project is to take 36 months to complete.
CCECC signed a contract with Nigeria's transportation department in 2006 to modernize the country's railway, but the project was suspended in 2008 at the request of the department. Subsequent negotiations retained the contract but divided it into different pieces to reduce financial pressures on CCECC, according to China Securities Journal.
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