AFC acquires $300m facility from China EXIM

Africa Finance Corporation (AFC) on Thursday announced the successful acquisition of a $200 million 5-year loan and $100 million 5-year stand-by facility for general corporate purpose from the Export-Import Bank of China (CEXIM) According to a news report on the deal, the facility from CEXIM marks AFC’s inaugural financing facility from the People’s Republic of […]

We’ll optimally utilise loans from China – FG

The Federal Government has reiterated its commitment to use monies borrowed from the Chinese government for the development of Nigeria. The Finance Minister, Zainab Ahmed, who stated this while debunking claim that money borrowed from the Chinese have not been well utilised, said: “Maybe in the past, some borrowings have been made and not utilised […]

Ill-advised for Africa to go borrowing from China — Ezekwesili

A former vice-president of the World Bank’s Africa division and Nigerian former minister for education, Oby Ezekwesili, has criticised the decision of African countries to borrow from China. China has announced a $60 billion facility in aid and loan to Africa. President Muhammadu Buhari and other African leaders are currently attending the Forum on China-Africa […]

FG seeks China’s support on Mambila project, seals $328mn pact

President Muhammadu Buhari on Wednesday solicited the support of the Chinese President Xi Jinping, for the 3,050 Megawatts (Mw) capacity Mambila hydroelectric power project, located in Taraba State. This is even as the even as Nigeria and China signed $328 million agreement for Information and Communication Technology Infrastructure Backbone Phase II (NICTIB II) project as […]

African Countries, China to build strong community with shared future

African countries and China on Tuesday declared their commitment to working together for the purposes of building a stronger community with a shared future. The commitment was contained in a declaration adopted by the African countries and China at the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). Specifically, China and African peoples […]

NNPC, Chinese consortia sign pact on biofuels production

The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) in China with Nigerian-Chinese consortia towards developing sustainable biofuels in the country. The companies include, Obax-Complant Consortium and Capegate-Nanning Consortium. While Obax and Capegate are two Nigerian companies, Complant and Nanning are companies incorporated in China. The NNPC biofuels programme is expected […]

Nigeria, China to sign $328m agreement on ICT

Nigeria and China have completed arrangements to sign 328 million dollars agreement on the National Information and Communication Technology Infrastructure Backbone Phase 11 (NICTIB 11). The Senior Special Assistant to the President Media and Publicity, Garba Shehu, who gave this hint in a statement issued on Saturday indicated that President Muhammadu Buhari, who arrived Beijing, […]

Oil prices dip on US-China trade war concerns

Traders on Monday reported marginal drop in oil prices over concerns that a US-China trade dispute will erode global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling significantly during trading across markets International Brent crude oil futures were at $75.75 per barrel, dropping 7 cents from their last close, […]

China-US trade war to hurt Asian economies, others more – BBC

China and the US are caught up in the continuing trade war, but they’re not the only that will feel its effects, the BBC has projected. A BBC news report indicated that other Asian economies that were intricately linked to China’s fortunes, through their highly connected supply chains like South Korea, Taiwan – or Singapore […]

Chinese firm to invest $3bn in Nigeria’s oil and gas sector

The Chinese National Offshore Oil Corporation is set to invest additional $3billion in its existing stakes in Nigeria’s offshore oil and gas operations. Yuan Guangyu, Chief Executive Officer of the corporation, who led a team to the Nigerian National Petroleum Corporation (NNPC) in Abuja today, described the investment as the most strategic and important overseas […]