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.

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