Otu flags off construction of 365km Calabar-Obudu rail line

3 months ago 8

By Solomon Azu, Calabar

15 August 2024 | 5:07 am

Cross River State Governor, Bassey Otu, has flagged off the construction of a 365-kilometre railway to connect the southern part of the state with the north. Performing the ground-breaking ceremony on Tuesday at the Tinapa Free Zone Resort, the governor stated that the railway project is one of the fruits of the Investment Summit held…

Cross River State Governor, Bassey Otu, has flagged off the construction of a 365-kilometre railway to connect the southern part of the state with the north.

Performing the ground-breaking ceremony on Tuesday at the Tinapa Free Zone Resort, the governor stated that the railway project is one of the fruits of the Investment Summit held in August 2023, at the Calabar International Convention Centre where the state government had robust engagement with financial, infrastructure and social investment players, seeking buy-in in the growth trajectory of the state’s economy.

“Today, therefore, marks an important milestone in our quest to expand and diversify the stock of our infrastructure by partnering with Messers Reinhoke LLC for the construction of the Grandlito Railway Project that will run from Calabar to Obudu.

“On completion, the project will cover an approximate distance of 365 kilometres, with main terminals in Calabar and Obudu; while three sub-stations will be located at Ugep, Ikom, and Ogoja,” Otu said.

The governor also disclosed that $350 million is estimated as a conservative cost for the project, adding that the public-private partnership in the provision of the infrastructure is based on funds from equity investments and debt financing from financial institutions with significant backing from the state government.

Otu further averred that the importance of the rail project to the economic growth of the state is premised on the strategic location of the state among other sub-nationals.

He added: “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 serve as an evacuation corridor for goods and services within international borders.”

He expressed optimism that the expected boost in international trade and its ripple effect will drill down the entrepreneurial spirit of Cross Riverians and trigger the state’s Gross Domestic Product (GDP).

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