The federal government is still discussing with the London-based Standard Chartered Bank to finance the Lagos-Calabar coastal rail project.
David Iyofor, media aide to the minister of transportation, confirmed this on Monday.
Iyofor did not state the exact figure the government is planning to borrow from the London-based financial institution.
In June, Rotimi Amaechi, minister of transportation, hinted about the federal government’s move with Standard Chartered Plc to raise about $14.4 billion to fund two rail projects.
The Standard Chartered financing is expected to replace the borrowing plan from China for the construction of rail lines in the country.
In another report, Bloomberg had quoted Amaechi in an interview that Zainab Ahmed, minister of finance, budget and national planning, is “overseeing the talks with the emerging markets-focused financial institution about arranging the infrastructure loans.”
He had said the loan would make the country move away from China in some of the projects.
The federal government is currently seeking loans to execute several rail projects in the country. These include the Port Harcourt to Maiduguri, Lagos-Ibadan-Kano rail lines, and the Lagos-Calabar coastal rail project.