Cross River State Governor, Senator Bassey Otu, has inaugurated the construction of a 365-km railway connecting the southern part of the state with the north. The project is a Public-Private Partnership-funded initiative driven by Messers Reinhoke LLC in partnership with the state government.
The project was one of the results of an investment summit held in August 2023 at the Calabar International Convention Centre. The state government engaged with financial, infrastructure, and social investment players to support the growth trajectory of Cross River’s economy.
The project will cover an approximate distance of 365km, with main terminals in Calabar and Obudu and three sub-stations at Ugep, Ikom, and Ogoja. The conservative cost for the project is estimated at $350 million.
The public-private partnership is based on funds from equity investments and debt financing from financial institutions, with backing from the Cross River State government.
The governor said, “Cross River is the frontier to Equatorial Guinea, Cameroon, Sao Tome, and Principe. It is also home to the largest export processing zone in Nigeria—the Calabar Free Trade Zone (CFTZ).”
“The railway line will not only facilitate the easy intra-state movement but will also serve as evacuation corridor for goods and services within international borders.”
Governor Otu expressed optimism that the expected boost in international trade would stimulate the entrepreneurial spirit of Cross Riverians and trigger the state’s GDP.
Mr Stanley Orji, CEO of Rinehooke Investments LLC, was also at the event.
Comment, Like 👍, share this article, and Follow us on our social media handles.
WhatsApp Channel
Telegram Channel
