China And Nigeria Sign Mega $1.1bn Deal

China has agreed to give Nigeria a $1.1bn
(£700m) low-interest loan to build much-
needed infrastructure.
The deal was struck during Nigerian President
Goodluck Jonathan’s meeting with Chinese
President Xi Jinping in Beijing on Wednesday.
The money would help build roads, airport
terminals in four cities, and a light-rail line for
Nigeria’s capital.
China is investing heavily in Africa at it relies
on it for oil and other natural resources.
Nigeria is Africa’s biggest oil producer, but its
infrastructure needs updating and most people
live in poverty.
Mr Xi said both countries had been brought
together by a common task of pursuing
national development, AFP news agency
reports.
“As a proverb of Nigeria reads: ‘A man cannot
sit down alone to plan for prosperity,'” he is
quoted as saying.
Mr Jonathan is leading a business delegation
on a four-day trip to China to boost ties
between the two countries.
Chinese companies are already building roads
across Nigeria in contracts worth $1.7bn.
China’s demand for crude oil produced in
Nigeria is expected to rise tenfold to 200,000
barrels a day by 2015, Nigerian officials said,
AFP reports.

Source:BBC.co.uk

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