Nigeria, Russia Sign MoU on Railway Modernisation

By October 24, 2019 Investment News

Nigeria on Wednesday signed a Memorandum of Understanding with Russia for the modernisation and development of Nigeria’s railway infrastructure.

Both countries signed the MoU at the ongoing Russia, Africa Economic Forum in Sochi, Russia.

A statement by the Federal Ministry of Transportation said the MoU would also see to the rehabilitation of the existing Nigerian Railway Corporation rolling stock-fleet and upgrading of workshops in Nigeria.

Russian Joint Stock Company Russian Railway and Transmash Holding are two Russian companies that were also reportedly involved in the MoU signing, while the Minister of Transportation, Rotimi Amaechi, signed on behalf of Nigeria.

Amaechi said the MoU would help hasten the construction of the rail manufacturing company at Kajola in Ogun State.