Nigeria and China Ink $1.1bn Deal

Nigeria and China Ink $1.1bn Deal

From BBC News

China has agreed to give Nigeria a $1.1bn (£700m) low-interest loan to build much-needed infrastructure.

The deal was struck during Nigerian President Goodluck Jonathan’s meeting with Chinese President Xi Jinping in Beijing on Wednesday.

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.

Mr Xi said both countries had been brought together by a common task of pursuing national development, AFP news agency reports.

Read more at BBC.co.uk.