Nigeria is looking to China’s Export-Import Bank to fund some of its national projects

Adeosun says the China’s Development Bank is a key supporter and partner of President Muhammadu Buhari's vision.

  • The Nigerian government is currently in talks with the China’s Export-Import Bank to fund some of its national project

Nigeria’s finance minister, Kemi Adeosun has met with Liu Liange, the president of the Export-Import Bank of China over the funding support for infrastructural projects across the country.

Adeosun, in company of Babatunde Fashola, the Minister for Power, Works and Housing and Minister of State for Aviation, Hadi Sirika, met with Liange in China during the delegation’s visit last week.

Confirming the meeting, Adeosun said in a tweet: “Met with the President of the Export-Import Bank of China, Liu Liange, last week, along with my colleagues @tundefashola, @hadisirika and Muhammad Musa Bello; and the Nigerian Ambassador to China. The Bank is providing funding to support our infrastructure ambitions.”

However, the minister did not reveal the exact amount the Export-Import Bank of China will be supporting the infrastructure ambitions of Nigeria.

The finance minister had earlier announced that she met with the China Development Bank to discuss infrastructure funding.

According to Adeosun, the China’s Development Bank is a key supporter and partner of President Muhammadu Buhari's vision to give Nigeria the infrastructure it deserves.

In the last days of May 2018, Adeosun had met with her predecessor and former Managing Director of the World Bank, Ngozi Okonjo-Iweala, during the 53rd Annual Meetings of the Africa Development Bank Group Board of Governors in Busan, South Korea.

China supports Nigeria with funding for projects

In 2017, China disbursed over $30 billion in funding support to Nigeria and other African countries to drive its cooperation plans on industrialisation and agricultural modernisation.

In January 2018, Nigeria secured the commitment of China for the provision of $550 million towards the purchase of two additional satellites for subsequent launch into the space in the next two years.

The Minister for Communications, Adebayo Shittu had said both the China Exim Bank and China Great Walls, the manufacturers, had agreed to fund the project 100 per cent following Nigeria’s inability to fulfill the initial agreement it reached with China to provide 15 percent of the $550 million.

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