Nigeria agrees USD 1.1bn low-interest funding from China

By bne IntelliNews July 15, 2013

Nigeria’s President Goodluck Jonathan has signed with his Chinese counterpart Xi Jinping an agreement related to USD 1.1bn in low-interest Chinese loans for infrastructure development projects in Nigeria, Leadership reported.

Jonathan led a four-day visit of a Nigerian delegation in Beijing, which included a dozen of his cabinet ministers, several state governors, senior government officials and businessmen. Nigerian officials signed a total of five funding deals at interest rates of less than 3% with Chinese institutions.

It was announced last week that China Ex-Im Bank agreed to provide a USD 500mn 20-year loan at a 2% interest rate to Nigeria to build airport terminals in Lagos, Abuja, Port Harcourt and Kano.

According to Zhang Chun, an expert on Africa at the Shanghai Institute of Foreign Studies, Nigeria is important to China because it is the largest economy in west Africa and because it has oil. China’s demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, according to information provided by a team accompanying the Nigerian president.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Ghana inks nuclear power agreement with China, advancing clean energy goals

Nuclear Power Ghana Limited and China National Nuclear Corporation Overseas Limited have sealed a deal, marking a milestone in Ghana's energy landscape, reports Asaase Radio.  The agreement ... more

South Africa needs surplus electricity from solar plants, says minister

South Africa’s Electricity Minister Kgosientsho Ramokgopa has called for discussions to assess ways of making surplus electricity from existing renewable energy facilities available to the grid. ... ... more

Zimbabwe commits to annual independent audits of its gold reserves underpinning new ZiG currency

Zimbabwe's government will ensure its gold reserves which underpin its newly-introduced currency, would be independently audited once yearly, The Herald reports. The southern African nation ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    9 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss