CHINA LOANS NIGERIA $328 MILLION TO BOOST TELECOMS: NIGERIA PRESIDENCY

CHINA LOANS NIGERIA $328 MILLION TO BOOST TELECOMS: NIGERIA PRESIDENCY

ABUJA (Reuters) – China’s Exim bank will lend Nigeria $328 million toward 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.

Nigeria’s presidency, in an emailed statement, described the loan as between Nigeria’s Galaxy Backbone and China’s Huawei Technologies .

It said the agreement was part of “the current administration’s commitment to incorporating the development of information and communications technology into national strategic planning”.

Buhari’s administration has said it wants to improve the country’s technology infrastructure to boost growth and create jobs as it seeks to reduce reliance on oil sales, which make up around two thirds of government revenues.

Reporting by Felix Onuah; Writing by Alexis Akwagyiram; Editing by Andrew Roche and Alexandra Hudson

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 8365 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

97 people arrested as Gauteng cracks down on lockdown contraventions

Nearly 100 people have been arrested for lockdown infringements during an operation over the weekend in Tshwane East.The operation, led by Police Minister Bheki Cele and Gauteng Community Safety MEC Faith Mazibuko, included various roadblocks and hotspots in Mamelodi East, Eersterus, Nellmapius and Silverton.During the operation, 97 people were arrested on various contraventions and police…

‘We shall recover. We shall overcome. We shall prosper’ -19

On the 26th day of the national Covid-19 lockdown, President Cyril Ramaphosa lauded South Africans for their fortitude, acknowledged the suffering and reiterated the gravity of the situation, but also sought to inspire hope for a better future.Addressing the nation on the government’s economic response to the Covid-19 pandemic on Tuesday evening, Ramaphosa said the…

Business 0 Comments

Quilter shareholders to receive a windfall

Shareholders of former Old Mutual UK business, Quilter, will start 2020 on a high note as they are about to receive a £375m windfall (about R6.9bn), after the company finalised the sale of its life insurance business. Quilter, which is dual listed on the JSE…

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply