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Nigeria’s total debt to China now N592b

By on July 28, 2013

Following the $3 billion loan recently granted the Federal Government by China, during the visit of President Goodluck Jonathan for infrastructure development, the nation’s current debt to the Asian giant currently stands at N592.8 billion.

Before then, China had granted Nigeria a total of $800 million or N124.8 billion, according to the Coordinator and Chief Executive of the Nigeria-China Business Council (NCBC), Chief Matthew Uwaekwe.

Addressing journalists at an interactive session organised by Council in Lagos, on Thursday, Uwaekwe said the parley is a demonstration of the cordial business relationship between the two countries, targeted at creating the enabling environment for the people and government of Nigeria to repay the facilities.

Giving a breakdown of the loans, he said $200 million was for the Yankari Independent Power Project; $500 million for improvement in the aviation industry; while the remaining $100 million was for the Lagos State Government.

Aside the direct loans, Uwaekwe said a number of Memorandums of Understanding (MoUs) have been signed between the council and its Chinese counterparts, adding that the Chinese government also donated a hospital in Abuja.

His words: “I am happy to say that a number of Chinese companies in areas of agriculture, textile, household good etc have invested in the Nigerian economy and many are still indicating their interest to come to Nigeria”.

Uwaekwe said the NCBC hopes to encourage Nigeria’s Chinese business community embark on projects in areas like development of deep sea ports, agricultural projects, refining and petrol chemical plants, quarry development and power generation.

Abia State Governor, Theodore Orji, who was represented by the Secretary to the State Government, Prof Mkpa Agu Mkpa, used the opportunity to woo Chinese investors to some moribund industries and factories in the state.

 

 

[Daily Independent]