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Nigeria Finalises $1.1bn Loan to Invest in Infrastructure

China Lends Nigeria $1.1bn at 3%

Nigerian President Goodluck Jonathan and Chinese President Xi Jinping met on Wednesday to view the singing of an agreement that will ensure Nigeria can continue to develop its infrastructure well into the future. Nigeria is planning to use the $1.1bn loan to develop airport terminals, build roads and develop its energy generation.

China is interested in Nigeria because of its natural resources, including oil as well as the construction contracts that it has with the country.

The State Journal says that China’s demand for Nigeria Oil is expected to reach 200k barrels by 2015. It quotes Zhang Chung from the Institute of Foreign Studies as saying of China’s relationship with Nigeria There is great potential for developing cooperation in this field.

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