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China Loans Nigeria $328 Million To Boost Telecoms

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FILE PHOTO: President of the Federal Republic of Nigeria, Muhammadu Buhari (L) and Chinese President, Xi Jinping shake hands during a signing ceremony at the Great Hall of the People in Beijing, April 12, 2016. REUTERS/Kenzaburo Fukuhara/Pool/File Photo
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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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About Wisdom Nwedene 5179 Articles
Wisdom Nwedene is a seasoned investigative reporter. He is currently an editor @9News Nigeria and also a social media strategist, writer, freelancer, motivational speaker. To always get our news update on WhatsApp, call or text 'add me' to 08163097961 or send me message via Facebook : Wisdom Nwedene(https://www.facebook.com/wisdom.nwedene) Share your story with us: 08163097961( Call & SMS only) Email: Nwedenewisdom@gmail.com

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