BREAKING NEWS

Nigeria: China to fund $900m projects in Nigeria

By ASSOCIATED PRESS

DECEMBER 24, 2010 01:16

ABUJA, Nigeria — Nigeria on Thursday said it has secured a $900 million loan from China to boost infrastructure in Africa's most populous country.

Minister of Finance Olusegun Aganga told press Thursday that the Nigerian government had signed a $900 million loan agreement with the Export-Import Bank of China for the construction of a $500-million railway linking the capital to the northern city of Kaduna and a $400-million public security communications project.

While Nigerian commercial banks avoid risk, China has become a major financier of projects across the continent.

A Chinese report released Thursday said that China's direct investment in Africa had reached $9.33 billion in 2009, a jump from $490 million in 2003.

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