Nigeria Borrows $1.1 Billion Loan From China


nigeria borrows from china

Sept 13, 2012 – Nigeria Borrows $1.1Billion From Loan China

The Federal Government Of Nigeria has borrowed a huge loan in the sum of $1.1 billion from Chinese EXIM Bank.

The loan was secured for the completion of Abuja Light Rail project and for the construction of 4 brand new modern Airport terminals across Nigeria

Here is the breakdown of the secured loan intention:

  • Abuja Light Rail project – $500 million
  • Galaxy Backbone ICT infrastructure – $100 million
  • 4 Modern Airport terminals design in Abuja,Enugu,Port Harcourt & Kano – $500 million

The Managing Director of EXIM Bank, Mr Sun Ping and Nigeria’s finance minister, Ngozi Okonjo-Iweala signed the loan agreement on behalf of Nigeria on Wednesday Sept 12, 2012.

This loan is too much! $1.1 billion = 173,800,000,000 (Over 173 Billions Of Naira)

Abeg make these people no sell Nigeria o.

Let’s wait and see what the outcome is.