Nigeria. GE Pulls Out Of Rail Concession

- Nov 29, 2018-

General Electric Co (GE)) has pulled out of a long-term concession deal with the Nigerian government to maintain and operate narrow-gauge rail lines. The Nigerian railway concession project was worth around US$2bn for two lines connecting northern cities to others in the south. The concession was meant to cover about 3,500 -km of existing narrow-gauge lines from the south western commercial capital, Lagos, to Kano in the north and from south eastern oil hub Port Harcourt to Maiduguri in the northeast. The government had been due to enter into negotiations last year with GE over a railway project, although Nigeria's upper house of parliament had said it would probe the railway concession over possible violations by Nigerian officials. It was not clear why GE pulled out of the concession. The company was not immediately available for comment. 
Source: Reuters