According to the Minister of Foreign Affairs, Geoffrey Onyeama China has granted Nigeria a $6 billion loan to fund infrastructural projects. “It won’t need an agreement to be signed; it is just to identify the projects and we access it,” he said.
For months, Nigeria has been looking for sources to fund a projected N2.2 trillion ($11.1 billion) deficit in the 2016 Budget, as the president plans to triple capital spending in the 2016 fiscal year.
According to Reuters, Nigeria also entered a currency swap deal with China as the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions. According to Lin Songtian, Director General of the African Affairs Department of China’s foreign ministry, “It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria”
See more photos of the President today in China.
PMB today visited the China Aerospace Science Technology Corporation Centre in Beijing
PMB and Power, Works & Housing Min Tunde Fashola today at the China Aerospace Science Technology Corporation Centre
PMB today commissioned the new residence of the Nigerian Ambassador to China
PMB today met with the Nigerian Community in China, at the Nigerian House in Beijing
PMB within the Forbidden City in the centre of Beijing
PMB at the Forbidden City – China’s Ming – Qing Dynasties: 1420-1912 Imperial Palace
PMB signs the Special Visitors’ Book at the Forbidden City – former Chinese Imperial Palace
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