China has offered Nigeria a $6 billion loan to fund infrastructure projects, Minister of Foreign Affairs Geoffrey Onyeama told reporters on President Muhammadu Buhari’s delegation, according to Reuters.
“It is a credit that is on the table as soon as we identify the projects,” Onyeama said, adding: “It won’t need an agreement to be signed; it is just to identify the projects and we access it.”
Also yesterday, Industrial and Commercial Bank of China Ltd (ICBC) , the world’s biggest lender, and the Central Bank of Nigeria (CBN) signed an agreement on yuan transactions, a Chinese Foreign Ministry official said.
“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,” Lin Songtian, director general of the Foreign ministry’s African Affairs department, told reporters.
The agreement was reached following a meeting between President Muhammadu Buhari and Chinese President Xi Jinping.
The CBN and Zenith Bank yesterday backed the Memorandum of Understanding signed between a Nigerian company and a Chinese firm to establish a mining plant in Nigeria this year. Click to signup for FREE news updates, latest information and hottest gists everyday
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This was how Greece started...borrowing without vision and plan. Nigerians don enter one chance true true. Na God go save Nigeria from the hands of this clueless incompetent insensitive and heartless Apc.
ReplyDeleteGod can never help Nigeria, we help ourselves
ReplyDeleteGod will never help you and your family, Amen
DeleteThe USA is the world's biggest debtor, yet they dictate to others. They are not enslaved, rather enslave. The question you should be asking is at what interest rate. That is what kills nations when time to service the debt comes.
ReplyDeletegood effort Mr President, you are working for the beterment of our dear country
ReplyDeleteYea...I agree onnthia one,even the US borrows from China....its NP big deal,hence the money will be channeled to the projects it's meant for...
ReplyDeleteAT what interest rate Mr. President taking loan is very easy but the negative impact on Country well being u cant imaging.
ReplyDelete