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Nigeria, Russia Sign MoU on Devt of Railway Infrastructure, Supply of Rolling Stock

Trans-Continental Infrastructure Company (TCIC), a Nigerian based infrastructure development company, has signed an MoU with JSC Transmashholding (TMH), the largest rolling stock engineering company in Russia, on the development of railway infrastructure and supply of rolling stock in Nigeria.

TMH, alongside its strategic partner, RZD Russian Railways, jointly develop railways infrastructure projects, with the former producing the rolling stock, and the latter building the railway.

At the signing witnessed by senior executives of both companies, Executive Vice Chairman of TCIC, Dr. George Nwangwu, signed on behalf of his company, while the Chief Executive Officer of TMH, Kirill Lipa, signed on behalf of TMH.

The Federal Government has also signed a memorandum of understanding with JSC Transmashholding.

The agreement which is on the procurement of rolling stock, refurbishment of existing rolling stock, and overall modernisation of rolling stock facilities in Nigeria, also includes the set up of an assembly plant and provision of maintenance services.

The MoU was signed by minister of Transportation, Chibuike Rotimi Amaechi, on behalf of the federal government.

The agreements were signed at the maiden Russia-Africa summit currently taking place at the resort city of Sochi, Russia.

The Russian federation aims to foster mutually beneficial ties with the African continent touching mainly on economy and security.

The cooperation between the federal government, TCIC and the Russian engineering giants will potentially bring billions of dollars worth of investments into the railway industry in Nigeria, thus creating more jobs, and ultimately, transfer of technology, in line with the federal governments policy on creating employment and a sustainable future for Nigerians.

Naija247news Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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