Nigeria has secured a $1.1 billion Chinese low-interest loan

Nigeria has secured a $1.1 billion Chinese low-interest loan

Nigeria has secured a $1.1 billion Chinese low-interest loan to develop airports and hydro power plants, Finance Minister Dr. Ngozi Okonjo-Iweala said yesterday.
Mrs. Okonjo-Iweala said the loan are part of the $3 billion approved by China at less than 3 per cent interest rate.
The Coordinating Minister of the Economy spoke ahead of President Goodluck Jonathan’s four-day state visit to China, which starts today.
Dr. Okonjo-Iweala said she was also looking for Chinese investments and increased trade with Nigeria. She stated “China is desirous of increasing its lifting of Nigerian oil.”
The petroleum minister,Mrs Dezani Allison Maduekwe is among senior cabinet members on the trip along with several governors. She said as United State’s demand for Nigerian oil has fallen, India and China have taken up the slack.

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