Cross River State Governor, Senator Bassey Otu has performed the groundbreaking ceremony for the construction of a $350m railway project in Cross River State.
The project, which will stretch to about 365-kilometers, will connect the southern part of the state with the north and is a Public-Private Partnership funded initiative driven by Messers Reinhoke LLC, in partnership with the State government.
Flagging off construction of the project 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.
“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 365km with main terminals in Calabar and Obudu; while three sub-stations will be located at Ugep, Ikom and Ogoja,” Otu said.
Governor Otu also disclosed that the project is based on funds from equity investments and debt financing from financial institutions with significant backing from the Cross River state government.
He expressed optimism that the expected boost in international trade and its ripple effects will drill down the entrepreneurial spirit of Cross Riverians and trigger a tremendous expansion of the state’s Gross Domestic Product (GDP).
The Governor also charged communities whose areas the rail project will cut through to give maximum cooperation to the construction company, directing indigenes of communities to, in line with local content, apply for sub-jobs from the firm based on their capacities and set-skills.
In his speech, Stanley Orji of Rinehooke Investments LLC, said the project will attract investments, stimulate job creation and encourage the establishment of new businesses.
