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China Loans Nigeria $328 Million To Boost Telecoms

Saturday, 1 September 2018

President Muhammadu Buhari on Saturday arrived in Beijing, China for the 7th Summit of the Forum on China —Africa Cooperation.

China’s Exim bank will lend Nigeria $328 million towards improving the west African country’s telecoms infrastructure, Nigeria’s presidency said on Saturday, at the start of a six-day visit by President Muhammadu Buhari to the country.

Poor telecoms are a major challenge for businesses operating in Nigeria, which is Africa’s largest oil producer, most populous country and has one of the continent’s largest economies.

The agreement, the latest in a number of Chinese loan facilities to Nigeria since Buhari took office in 2015, comes as Beijing seeks to deepen its ties in Africa.

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via: INFORMATION NIGERIA

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