China Loan Nigeria $1.1bn For Infrastructural Development

China has agreed to give Nigeria a $1.1bn low-interest loan to build much-needed infrastructure.The deal was struck yesterday during Nigerian President Goodluck Jonathan’s meeting with Chinese President Xi Jinping in Beijing.

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The money would help build roads, airport terminals in four cities, and a light-rail line for Nigeria’s capital.

China is investing heavily in Africa at it relies on it for oil and other natural resources.Nigeria is Africa’s biggest oil producer, but its infrastructure needs updating and most people live in poverty.

AFP news agency quoted Mr Xi as saying that both countries had been brought together by a common task of pursuing national development.

Mr Jonathan is leading a business delegation on a four-day trip to China to boost ties between the two countries.

Chinese companies are already building roads across Nigeria in contracts worth $1.7bn.

China’s demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, Nigerian officials said.

Source: BBC News

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business, china, nigeria

3 Comments

  • Dats absolutely nonsense…@ d end of d day,d money will end up doing noting for the masses ad wil be chilling insdy one idiots account…why did he settle d education sector dia by leaving works he has to do here ad went to china to secure a loan..bunch of losers

  • As richly naturally endowed as Nigerians are they still engage in borrowing, this will do us no good but much mayhem. Tenfolds the money to build this roads and Airport terminals ar much more resting in hidden accounts of our nonchalant politicians. Let me tell u; if Nigeria can still borrow in this modern age..!! We still have a long way to go..!!!

    • You are very funny ooo, who told you Nigeria is rich mtcheeeeeeeeeeeew. A country is rich when its people (an average citizen) can enjoy solid nutritional 3 square meal. I am sure you ate gari this morning and will probably eat akpu in the afternoon and beans in the evening. Please tell me if that is nutritional enough for your soul to think right? Nigerians keep deceiving themselves with oil as if they are the only country in the world that has oil.

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