The China Development Bank (CDB) has granted a loan of $254.76 million for the construction of the Kano-Kaduna railway project in Nigeria.

In a statement on Tuesday, the bank said the funding is expected to support the smooth progress of the infrastructure project.

The CDB noted that the construction is being carried out by China Civil Engineering Construction Corporation (CCECC), with financial backing from the bank.

“The Kano-Kaduna railway, with a total length of 203 kilometers, is a standard-gauge railway,” the statement reads.

“Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the country’s capital Abuja, offering local residents a safe, efficient, and convenient mode of transportation.”

In addition to improving mobility, the bank said the project is expected to stimulate economic growth along the railway corridor, creating job opportunities and promoting related industries.

“The Kano-Kaduna railway project has been included in the list of practical cooperation projects for the Third Belt and Road Forum for International Cooperation,” the CDB added.

The bank said the construction is progressing smoothly, reiterating its commitment to working closely with the Nigerian government to ensure the disbursement of funds and effective management of the next phases of the project.

Getty Images and Shutterstock, two visual content companies, have announced decisions to merge into a $3.7 billion powerhouse.

In a statement on Tuesday, Getty Images said the merger will birth ‘Getty Images Holdings, Inc.’ and it will continue to trade on the New York Stock Exchange under the ticker symbol “GETY”.

Getty Images said the merger is aimed at navigating the challenges and opportunities of the artificial intelligence (AI) era.

According to the statement, the merger will result in Getty Images investors owning approximately 54.7 percent of Getty Images Holdings, while Shutterstock stockholders will hold the remaining 45.3 percent.

Speaking on the deal, Craig Peters, chief executive officer (CEO) of Getty Images, said the merger would focus on bolstering content offerings, improving event coverage, and leveraging new technologies.

“Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future—including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers,” Peters said.

“With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together.

“By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders.”

On his part, Paul Hennessy, CEO of Shutterstock, said the merger would go a long way to expand the firm’s creative content library and enhance its product offering to meet diverse customer needs.

“We expect the merger to produce value for the customers and stockholders of both companies by capitalizing on attractive growth opportunities to drive combined revenues, accelerating product innovation, realizing significant cost synergies and improving cash flow,” Hennessy said.

“We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth.”

Getty Images Holdings will be led by Peters and an eleven-member board of directors, with six directors designated by Getty Images and four directors designated by Shutterstock.

Also, the chairman of the board of directors of the combined company will be Mark Getty, who is currently chairman of Getty Images.

Getty Images said the merger is expected to generate annual cost savings of $150 million to $200 million within three years of its completion.

The Transmission Company of Nigeria (TCN) has announced that some parts of Delta state will experience a three-hour power outage on Wednesday.

In a statement on Tuesday, Ndidi Mbah, general manager of public affairs at TCN, said the expected blackout is due to maintenance at the Delta 132/33kV transmission substation from 10am to 1pm.

“The maintenance aims to address a fault on the 132kV Delta1 busbar,” Mbah said.

“Consequently, the Benin Electricity Distribution Company (BEDC) will not be able to offtake power to supply Agbarho/Eku, Otovwodo/Patani, Ughelli/Shell, Beta Glass, Aladja, Isoko/Kwale, and Imoniyame.

“Additionally, customers on the 33kV Effurun, Enerhen, PTI, Sapele, Refinery 1, Refinery 2, and Warri feeders, which emanate from the Effurun Transmission Substation, will also be affected.”

Mbah said TCN apologises for the inconvenience and assures that the power supply will resume immediately after the maintenance exercise.

On January 3, the Abuja Electricity Distribution Company (AEDC) announced that power supply in Abuja will be disrupted from January 6 to 21.

AEDC said the blackout is due to the Federal Capital Development Authority (FCDA) relocating feeder and transmission line towers along the outer southern expressway.