2019: Beijing investors may end $1.4 billion Lagos rail deal due to Tinubu-Ambode standoff

Lagos might lose Foreign Direct Investments (FDIs) valued about $1.4 billion if Ambode fails to return as governor in 2019.

Sources have said some Chinese investors are already threatening to pull out of a major rail deal if Ambode’s re-election bid is thwarted - The investors are said to be agitated that if Ambode fails to return as govenor, the new government may not key into the projects A report by This Day indicates that the rift between Governor Akinwunmi Ambode and Asiwaju Bola Tinubu may affect Foreign Direct Investments (FDIs) valued about $1.4 billion into Lagos state. Government sources quoted in the report lamented that the rift had already taken international dimension, warning that some Chinese investors are already threatening to pull out of a major rail deal if Ambode’s re-election bid is thwarted. 

About a fortnight ago, the source explained, Ambode attended the 2018 Beijing Summit of the Forum on China-Africa Cooperation, during which the governor signed a Memorandum of Understanding (MoU) on power, rail, road and light-up Lagos projects. Read more: https://www.naija.ng/1193407-2019-beijing-investors-14-billion-lagos-rail-deal-due-tinubu-ambode-standoff.html#1193407