Nigeria Secures $1.1B Low-Interest Loans from China

Nigeria Secures $1.1B Low-Interest Loans from China

From Washington Post.

Loans from China at less-than 3-percent interest were on Nigerian president Goodluck Jonathan’s mind during a recent trip to the country.

China committed $1.1 billion to fund infrastructure improvements in Nigeria.

China, which is increasingly looking to Africa for oil and other natural resources, is offering Nigeria loans to help fund airport terminals in four cities, roads, a light-rail line,  hydroelectric power plant and oil and gas infrastructure.

Nigerian Finance Minister Ngozi Okonjo-Iweala says the loans being finalized during this trip are part of $3 billion approved by China at interest rates of less than 3 percent. Chinese companies are already building roads across Nigeria in contracts worth $1.7 billion.

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

Read more at Washington Post.