FG: Why $2.7bn Railway Concession Talks with GE Stalled

The Minister of Transportation, Mr. Rotimi Amaechi, has clarified that the federal government did not sign any agreement with General Electric (GE) on the planned $2.7 billion deal to concession and rehabilitate Nigeria’s narrow gauge railway, stressing that the American company was still negotiating with the federal government when it backed out of the deal.

Speaking Thursday during an interview on the ‘Morning Show’ of Arise News Network, a broadcast arm of THISDAY Newspaper, Amaechi said GE did not abandon the railway deal on account of Nigeria’s economy.

According to him, GE was no longer in the business of transportation and had to hand over its interest in the deal to another firm. Read more