Nigeria signs MoU on $15bn Niger Delta rail project

Nigeria has taken a significant step towards the development of the oil-rich Niger Delta region with the signing of a Memorandum of Understanding (MoU) with Atlanta Global Resources Inc, a United States based firm, for a $15 billion rail project that will span across all nine Niger Delta states. In an exclusive interview with CNBC Africa, Samuel Ogbuku, the Managing Director of the Niger Delta Development Commission, emphasized the importance of such partnerships in the growth and advancement of the region. Ogbuku highlighted the need for collaboration with international organizations like the World Bank, the EU, and the African Development Bank, to ensure the successful implementation of the project. He stressed the commitment to corporate governance, transparency, and accountability to attract investments from potential partners. Ogbuku emphasized that the Niger Delta is not just home to oil resources but also to a variety of non-oil products, underlining the significance of harnessing these resources effectively. Additionally, he addressed the move towards focusing on gas production and the role of the commission as an intervention agency that relies on support from International Oil Companies (IOCs) for its operations. In response to questions about accountability and transparency in project execution, Ogbuku outlined strategies to ensure that funds are tracked efficiently and utilized judiciously. He underscored the collaborative nature of the procurement process with investors, emphasizing adherence to global standards to maintain transparency and accountability. Looking ahead, the commission is exploring further investment opportunities, with a particular focus on partnering with IOCs operating in the region. Ogbuku mentioned plans to engage prominent entrepreneurs from the Niger Delta, such as Tun Helimelu and Jim Ovia, to establish a think tank team that will provide valuable insights and guidance for regional development initiatives. The commission aims to leverage these partnerships for mutual benefit and sustainable progress in the Niger Delta region, signaling a new era of development and growth.