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Nigeria plots more loans from China

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Nigeria is planning to get more loans from China to expand railway services across the nation.

The Nigerian government has revealed plans to take more loans from China in a bid to extend rail services to more states in the country.
The Minister of Transportation, Rotimi Amaechi, said this when he featured on Arise TV’s Morning Show Tuesday, a week after he said the government would get credit from Standard Chartered Bank and not China.

Mr Amaechi did not mention the amount the government is seeking but said the federal government has already begun negotiations.

Nigeria owed China $3.402 billion as of March 31, according to the Debt Management Office. The amount covers 11 loan facilities from the China Exim Bank since 2010.