China Railway 'unaffected' by Nigerian project suspension

China Railway Construction said that its full-year financial results for 2008 would be unaffected by the suspension of a Nigerian railway project, Reuters reported. The US$8.3 billion project had been suspended by Nigeria’s transport ministry pending reevaluation of the contract. However, segments of the project already completed had been funded by advance payments. "The project is still in the preliminary construction stage, the revenue of which has not been recorded in the 2008 projected annual revenue," China Railway said in a statement. The company added that there was no risk of construction costs not being recoverable.