Nigeria To Get $3 Billion Loan from China Next Week

President Goodluck Jonathan will travel to China next week to sign a loan agreement with the Chinese Government for $3 billion. The loan is part of the $7.9 billion external borrowing plan approved by the legislature last year. The Nigerian Government wants to use the loan to build infrastructure which will boost economic growth. The loan will be based on interest rates of less than 3% over a 15-20 year period. Nigeria’s Economic Minister, Dr. Ngozi Okonjo-Iweala, said Nigerian needs $10 billion annually, to improve road and electricity, she also said, “We know that China fueled its growth by really keeping one step ahead in terms of infrastructure… we need roads, we need power, we need help on aviation, agriculture. “I’m not of the school that says ‘look this is colonialism’ … We should be open to whoever wants to invest and help us finance our needs.” Nigeria is the second biggest economy in Africa, and with a population of over 160 million; it is poised to take over as the biggest economy within a decade.