<< Back             Poser >> Kano-Kaduna railway project gets $254.76m lifeline from Chinese bank The China Development Bank (CBD) has approved a $254.76 million (€245m) loan to support the ongoing Kano-Kaduna railway project. The bank, which announced this on its website on Tuesday, said the financial backing is expected to ensure the seamless continuation of the construction work. The Kano-Kaduna railway, with a total length of 203 kilometres, is a standard-gauge railway. On completion, it will provide direct rail connectivity between Kano and Abuja. The project will provide residents with a safer and more efficient mode of transport, improving regional connectivity. In addition to easing transportation, the project is expected to stimulate economic growth by fostering the development of industries along its corridor. It is also set to create numerous employment opportunities during its construction and subsequent operations. The Kano-Kaduna railway has been listed as a practical cooperation project under the Third Belt and Road Forum for International Cooperation. It is being executed by the China Civil Engineering Construction Corporation and financed by the CDB. The bank said construction is progressing well, noting that it is committed to working closely with the Nigerian government to ensure the disbursement of funds and effective management of the next phases of the project. The China Exim Bank, who was to be the financier of the project, backed off, while Nigeria announced the CDB as the new financier. “Going forward, it will closely coordinate with Nigerian partners to ensure the smooth disbursement of subsequent loans and effective post-loan management,” the CDB noted. Last year, President Bola Tinubu assured that the Ibadan-Abuja-Kaduna-Kano railway project would be completed to satisfaction. The Federal Government hopes that the ongoing construction of the Kaduna to Kano rail line will be completed before the end of this year. Guardian Business News	GRA Sets D23 Billion Target after Exceeding 2024 Revenue Milestone By Mustapha Jallow The Gambia Revenue Authority (GRA) has set out to collect D23 billion in 2025, following a historic achievement of D20.83 billion in 2024, surpassing its D19.2 billion target by over D1.6 billion. This remarkable feat marks a 32% increase from the D15.79 billion collected in 2023. Yankuba Darboe, Commissioner General (CG) of Govt budgets 53% more allocations to military retirees The Federal Government has proposed a 53 per cent increase in the 2025 budget allocations for military retirees following a series of protests over unpaid entitlements. Findings by The PUNCH showed that the total allocation for military pensions is set to rise from N221.66bn in 2024 to N338.90bn in 2025, reflecting an effort to address Read Marketers, oil firms sign deal to build 50,000bpd refinery Nigeria’s effort to boost its refining capacity seems to be paying off, as petroleum product retailers signed a deal with three oil companies to establish a 50,000 barrels per day capacity refinery. On Wednesday, the Petroleum Products Retail Outlet Owners Association of Nigeria signed an agreement with Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, Read Nigeria’s beverage, food industries hit N10.84tn market cap Nigeria’s beverage and food sectors have collectively achieved a total market capitalisation of N10.84tn, according to end-of-Wednesday trading data on the Nigerian Exchange Limited. The beverage sector, comprising breweries and distilleries, recorded a combined market capitalisation of N2.06tn. Industry giants like Nigerian Breweries Plc. and International Breweries Plc. drove the numbers, contributing N997.65bn and N908.77bn, Read Inflation, bond selloff trigger global stock market slump Global stock markets faced downward pressure on Thursday, as the recent surge in inflation and a widespread bond selloff continued to affect investor sentiment, Reuters reported. The U.S. dollar remained near its highest levels in over a year, while U.S. Treasury yields saw an uptick following recent signs of resilience in the U.S. economy, which Read Power stagnates at 4,500MW despite $3.23bn loans Nigeria’s electricity generation has continued to hover around an average of 4,500 megawatts despite the country securing loans totalling over $3.23bn in about four years from international financial institutions. Global institutions such as the World Bank, the African Development Bank, and the Japan International Cooperation Agency have supported the power sector with billions of dollars Read