A Nigerian-based infrastructure development company, Trans-Continental Infrastructure Company (TCIC) on Wednesday signed a deal with a Russian firm, JSC Transmashholding, to develop railway infrastructure projects in Nigeria.

The MOU was on the development of railway infrastructure and the establishment of rolling stock production centre and training of Nigerian engineers.

In the same vein, the Federal Government has signed an MOU with JSC Transmashholding.

The agreement centres around the procurement of rolling stock, refurbishment of existing rolling stock, and overall modernisation of rolling stock facilities in Nigeria.

It also includes the setting up of an assembly plant and provision of maintenance services.

The Minister of Transportation, Rotimi Amaechi, signed the MoU on behalf of the federal government while the Executive Vice-Chairman of TCIC, George Nwangwu, signed on behalf of his company.

The CEO of TMH, Kirill Lipa signed on behalf of his company.

The signing was witnessed by senior executives of both companies.

The agreements were signed at the maiden Russia-Africa summit taking place at the resort city of Sochi, Russia.

The memorandum of understanding was signed with TMH, the largest rolling stock engineering company in Russia.

TMH, alongside its strategic partner, RZD to Russian Railways, jointly develop railways infrastructure projects, with the former producing the rolling stock, and the latter building the railway.

The Russian federation aims to foster mutually beneficial ties with the African continent touching mainly on economy and security.

The cooperation between the Nigerian government, TCIC, & the Russian engineering giants will potentially bring billions of dollars worth of investments into the railway industry in Nigeria.

Beside, the cooperation will also help create more jobs, and ultimately, transfer of technology, in line with the federal governments policy on creating employment and a sustainable future for Nigerians.