He made this known on Sunday on Channels Television programme.
“The project is going to cost us $1.9bn and we will source it from mostly Europe,” Amaechi said.
Amaechi who is a former Governor of Rivers State, noted, however, that the country has not secured the money, stressing that “we are about concluding.”
On how long it will take the country to repay the loan, the 58-year-old explained that it is not within the jurisdiction of his ministry but said that the railway project will commence on Tuesday.
“That is the responsibility of the Ministry of Finance. When we would pay; what are the terms of agreement for the loan and all that would be the responsibility of the Ministry of Finance,” the All Progressives Congress (APC) chieftain added.
“So, that question can be directed to the Minister for Finance. For us in Transportation, our job is to work with the Ministry of Finance to procure the loan and commence construction and we think we would commence construction on Tuesday.”
Recall that The Street Journal had reported that the Memorandum of Understanding, MoU, for the construction of the rail was signed earlier this year with the Mota-Engil Group, a multinational engineering and construction company.
While the Minister of Transportation, Rotimi Amaechi, signed the agreement on behalf of Nigeria the Managing Director of Mota- Engil Group, Antonio Gvoea, signed on behalf of the firm in Abuja.
According to a statement by the spokesman, Ministry of Transportation, Eric Ejiekwe, the Minister said the 283.750-kilometre rail line, besides developing freight and passenger transport, will be integrated with road transport and would make a great contribution to the local economy as well as an important development in the social sector.
The project duration is for 36 months and the contract type is engineering, procurement and construction.