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Home / cover / Nigerian govt seeks fresh N5.9tn loan from British bank

Nigerian govt seeks fresh N5.9tn loan from British bank

 

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The Nigerian government is currently negotiating a fresh $14.4 billion loan which is about N5.9 trillion to finance two rail lines in the country.

Minister of Transportation Rotimi Amaechi disclosed this in an interview with Bloomberg.

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According to the minister, Standard Chartered Plc, a British multinational bank will be funding the project despite previously announcing the state-owned Export-Import Bank of China.

The two rail projects include the upgrade of eastern line that links Port Harcourt with Maiduguri and the extension of the Lagos-Ibadan rail line to Kano.

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“We’ve moved away from China in some of our projects,” the minister was quoted as saying by Bloomberg.

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He also added that Zainab Ahmed, minister of finance, budget and national planning, is “overseeing the talks with the emerging markets-focused financial institution about arranging the infrastructure loans.”

In 2017, Buhari had announced that the state-owned Export-Import Bank of China “would shortly approve” a $3.5 billion loan to help start building the 1,400-kilometer (870-mile) standard-gauge line.

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It is believed Nigeria’s decision not to borrow from China was made in order to limit the country’s vulnerability to China.

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The Federal Government had been embarking on several rail line projects across the country in collaboration with China Civil Engineering Construction Corporation Chinese financed by stated owned Eximbank bank.

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China Eximbank provided loan of about $2.3 billion for the standard-gauge railway segments that links Abuja to Kaduna, and another connecting Lagos to the city of Ibadan, as well as a metro line in Abuja.

China also contributed $5.3 billion to allow CCECC to expand the Lagos-Ibadan line to the northern commercial center of Kano, but as of January, the Minister stated that the financing had yet to be received.

 

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