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FG to diversify economy with $41bn railway investment

The Federal Government has started a $41bn railway expansion to reduce dependence on oil and diversify the economy, the Minister of Transportation, Mr. Rotimi Amaechi, has said.

“The plan we have now will go to every nook and corner,” Amaechi said on Wednesday in an interview in Abuja, Bloomberg reported.

The Federal Executive Council also on Wednesday approved the contract for the repair of the Itapke-Ajaokuta-Warri rail link.

Nigeria, which is Africa’s biggest oil producer, is going through its worst economic slump in 25 years following a plunge in the price and output of crude, which accounts for more than 90 per cent of foreign income and two-thirds of government revenue.

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