Politics
China offers Nigeria $6 billion infrastructure loan
President Buhari’s visit to China is already yielding dividends as the country has offered Nigeria loan worth about $6bn. The Minister of Foreign Affairs, Geoffrey Onyeama broke the news on Tuesday.
He said that China has offered Nigeria a loan worth $6 billion to fund infrastructure projects in Africa’s biggest economy.
“It is a credit that is on the table as soon as we identify the projects,” Geoffrey Onyeama told reporters travelling with President Muhammadu Buhari to China.
“It won’t need an agreement to be signed; it is just to identify the projects and we access it,” he said.
President Buhari and the ruling All Progressives Congress (APC) had come under severe criticism by many who felt that the administration ought to have sought local options to funding the 2016 budget rather than resort to external borrowing.
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