Nigeria’s finance minister says President Goodluck Jonathan’s presidential visit to China will finalise the sizeable loan to fund the much needed infrastructure development.
The hefty $1.1-billion (about R11-billion) in low-interest loans will be used to improve facilities like roads and airports.
Contracosta Times emphasises Nigeria is the most populous African country, rich in natural resources, however they are faced with unreliable and outdated infrastructure.
Minister Ngozi Okonjo-Iweala expressed her excitement in light of the newfound relationship.
She also said “China is desirous of increasing its lifting of Nigerian oil”. The petroleum minister is among senior Cabinet members on the trip along with several state governors. She said as US demand for Nigerian oil has fallen, India and China have taken up the slack.
Okonjo-Iweala said the loans are part of $3-billion (about R30-billion) approved by China at interest rates less than 3%.
Sowetan
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