Nigeria seeks $3 billion loan from China
Nigeria will likely secure some $3 billion facility from the Chinese government to finance the completion of some key priority projects if ongoing loan negotiations between the government and China pull through.
The projects are; completion of the ongoing Abuja light rail, construction of part of the East West road; construction of four new international airport terminals in Kano, Lagos, Abuja and Port Harcourt; building of power plant in Bauchi state, and completion of some ongoing information Technology projects, among others.
The loan is part of the $7.9 billion external borrowing proposal presented last week by President Jonathan to the National Assembly for approval and is being negotiated at a concessional rate of not more than 3 percent per annum.
Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the Economy said yesterday in Beijing, China. Out of the $3 billion loan deal, about $500 million is being negotiated for the Abuja light rail; $500 million for four new international airport terminals in Kano, Lagos, Abuja and Port Harcourt; $500 million for setting up of 18 large scale of high quality cassava flour processing plants as well as the acquisition about 100 integrated rice mill on behalf of the private sector that will enable Nigeria mill the entire 2.1 million metric tons of rice that it currently imports.
Also included in the loan facility is about $171 million being negotiated on behalf of the Bauchi state for a power plant; $100 million on behalf of Galaxy Backbone to for completion of some information technology projects.
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