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LequteMan
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Nigeria's President Muhammadu Buhari is expected to sign a loan deal with the Chinese government when he visits the country next week, Spokesman Femi Adesina has said.
The Nigerian government has been in talks with China's state export import bank for a loan for months. It's believed that the loan would fund construction works of Chinese firms for infrastructure projects in Nigeria.
"I can't tell you how much until the day the loan will be signed," spokesman Femi Adesina said. "Both countries will also be signing some bilateral agreements to strengthen their relationship, that is all I can say now."
In February, financial and government officials said the loan could be as high a $2 billion but officials have not provided an update since then.
Nigeria has said it wants to raise about $5 billion abroad to cover part of its 2016 budget deficit which could be as high as 3 trillion naira ($15 billion). Buhari has not signed the 2016 budget bill yet as he still awaits details from parliament which passed it last month.
Nigeria has been hit in recent times by a crash in the price of crude oil and a weakening naira. The country is currently enmeshed in a fuel scarcity crisis which is threatening to shutdown its economy.
The Nigerian government has been in talks with China's state export import bank for a loan for months. It's believed that the loan would fund construction works of Chinese firms for infrastructure projects in Nigeria.
"I can't tell you how much until the day the loan will be signed," spokesman Femi Adesina said. "Both countries will also be signing some bilateral agreements to strengthen their relationship, that is all I can say now."
In February, financial and government officials said the loan could be as high a $2 billion but officials have not provided an update since then.
Nigeria has said it wants to raise about $5 billion abroad to cover part of its 2016 budget deficit which could be as high as 3 trillion naira ($15 billion). Buhari has not signed the 2016 budget bill yet as he still awaits details from parliament which passed it last month.
Nigeria has been hit in recent times by a crash in the price of crude oil and a weakening naira. The country is currently enmeshed in a fuel scarcity crisis which is threatening to shutdown its economy.
