Nigeria has signed a $328 million loan deal with China to improve country's telecoms infrastructure

September 3, 2018 4:39 PM

The loan agreement is between Nigeria's Galaxy Backbone and China's Huawei Technologies while funding will come from the Chinese EXIM Bank.

Nigeria has signed a $328 million loan agreement with China on a project that will see an improvement in the West African countrys telecoms infrastructure.

The project, National and Communication Technology Infrastructure Backbone (NICTIB) Phase 11, is aimed at developing information and communications technology in Nigeria.

President Muhammadu Buhari's aide, Garba Shehu, disclosed this in a statement released over the weekend.

The statement added that the agreement was part of "the current administration's commitment to incorporating the development of information and communications technology into national strategic planning".

One of the major challenges facing Africa's largest economy is poor telecoms infrastructure.

The current government has promised to improve it and create jobs for the teeming youths.

President Muhammadu Buhari and other African leaders are in Beijing, China, for the 2018 Forum on China–Africa Cooperation (FOCAC). They will sign different agreements and participate in other sideline events.

Also from Business Insider Sub-Sahara Africa:

Aderemi Ojekunle

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