The Minister of Transportation, Mr Rotimi Amaechi on Saturday said General Electric (GE) was investing 2.7 billion dollars on infrastructure, Operation and Maintenance (O and M) of the entire narrow gauge lines concession.
Amaechi made this known in an interview with the News Agency of Nigeria (NAN) while giving account of his stewardship in the last two years in Lagos.
According to him, GE is investing 700 million dollars on infrastructure, with two billion on O and M.
He, however, said that the ministry concluded the agreement on interim trade with GE on Nov. 6, for them to commence work in December.
Amaechi noted that with the interim trade, Nigeria Railway Corporation (NRC) would still be on the platform until proper negotiation and agreement were concluded by April 2018 when GE would fully take over.
“We are already in conversation with GE, we are negotiating with them, by Monday we will conclude agreement on the interim trade, which means that they will start working and functioning from this December.
“But NRC will still be on the platform, till we conclude the proper negotiation agreement, which will likely be within March and April 2018.
“ Then NRC will be out, it will be fully managed by GE. They will work on the infrastructure, which is about 700 million dollars worth of investment on infrastructure.
“Two billion dollars for O and M, so their investment is about 2.7 billion dollars for the entire project,” he said.
He, however, said that the narrow gauge rail lines would be managed for the period of 20 to 30 years, adding that Nigerian contractors would be engaged.
This Amaechi said would create jobs for the youth.