Nigeria is facing its worst economic crisis in decades as sinking oil prices eat into its foreign reserves and the naira weakens against other currencies.
It is reported that China has offered Nigeria a $6 billion loan to fund
infrastructure projects, the Minister of Foreign Affairs, Mr. Geoffrey Onyema,
said yesterday in Beijing the Chinese capital. “It is a credit that is on the
table as soon as we identify the projects,” he told reporters travelling with
President Muhammadu Buhari to China.
“It won’t need an agreement to be signed; it is just to
identify the projects and we access it,” he said.
What is the conditionality attached to this loan and what are the implications for the country?
Culled from http://www.thisdaylive.com/index.php/2016/04/13/nigeria-offered-6bn-chinese-loan-agrees-currency-swap-to-shore-up-naira/
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