The federal government has disclosed a failure to secure loans in the international debt market to finance the reconstruction of the Eastern Rail Line, dashing expectations the key national infrastructure will be ready in time before the end of the Buhari administration.
President Muhammadu Buhari had last March performed the groundbreaking ceremony to commence the reconstruction of the rail line, which was originally built by the British before Nigeria’s independence in 1960.
“The connection of the railway to a new seaport in Bonny Island and Railway Industrial Park, Port Harcourt is designed to increase the viability and boost transhipment of cargo and freight locally, across the West African sub-region and in the Continental Free Trade Area,” the president had said in his speech, also announcing the complementary seaport and industrial park.
