Nigeria: China to fund $900m projects

2010-12-24 17:18

Abuja - Nigeria says it has secured a $900m loan from China to boost infrastructure in Africa's most populous country.

Minister of Finance Olusegun Aganga told press on Thursday that the Nigerian government had signed a $900m loan agreement with the Export-Import Bank of China for the construction of a $500m railway linking the capital to the northern city of Kaduna and a $400m 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 on Thursday said that China's direct investment in Africa had reached $9.33bn in 2009, a jump from $490m in 2003.