Aluko & Oyebode pleased to have acted as Nigerian counsel to Africa Finance Corporation and Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch), acting as Global Coordinators and Arrangers and the Lenders, in connection with the USD1.8 billion financing for the Federal Republic of Nigeria’s Kano–Maradi Railway Project.

The financing will fund the construction of a 374-kilometre single-track standard gauge railway linking Kano, one of northern Nigeria’s principal commercial centres, with Maradi, a major commercial city in the Republic of Niger, together with a branch line to Dutse in Jigawa State. The financing structure mobilises capital from development finance institutions and commercial lenders to support the delivery of one of the region’s most significant cross-border transport infrastructure projects.

Once completed, the railway is expected to improve the movement of passengers and freight, deepen commercial ties between Nigeria and Niger, and stimulate economic activity along the corridor. The project is also expected to improve regional transport connectivity and advance the implementation of the African Continental Free Trade Agreement (AfCFTA) by facilitating more efficient cross-border trade.

This transaction further reinforces Aluko & Oyebode’s position as a leading adviser on complex finance and infrastructure transactions in Nigeria and across Africa, reflecting the firm’s deep experience in sovereign lending, project finance and other market-leading cross-border financing transactions.

Commenting on the transaction, our Partner, Oludare Senbore, said:

“We are pleased to have advised on the financing of a project that will make a meaningful contribution to regional infrastructure development. The construction of this railway represents a transformative opportunity for economic and social development across the region, creating jobs, improving access to markets and enhancing livelihoods for communities along the corridor.”

The Aluko & Oyebode team was led by Partner Oludare Senbore and supported by Zacheaus Akanni, Esther Yugbovwre and Oluwaseyi Olayinka.