Nigeria will soon close a $3 billion investment deal with China

Ibe Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria will soon close the deal on a $3 billion to $4 billion loan from China that will be channelled towards the provision of infrastructure in the oil and gas sector.

Kachikwu made the disclosure at the end of the Federal Executive Council (FEC) meeting held in the State House, Abuja wednesday, adding that the loan was a fallout of the July roadshow held by the petroleum ministry and the Nigerian National Petroleum Corporation (NNPC) in China.

Information and Culture, Lai Mohammed; Interior, Abdurahman Danbazzau; and Power, Works and Housing, Babatunde Fashola, Kachikwu also revealed that over 40 Chinese investors would be visiting Nigeria by the end of the month, explaining that the memoranda of understanding (MoUs) signed during the road show generally have a gestation period of about one year, as both countries set up their teams on a bilateral basis to look at specific areas of investment interests.

this revelations were made at a briefing of state house reporters in Abuja yesterday