Economy

China, Nigeria sign $900m agreement on industry projects

(Xinhua)
Updated: 2010-12-21 10:42

BEIJING - China and Nigeria on Monday signed a $900 million credit agreement for rail and communications projects. Olusegun Aganga, the Nigerian finance minister, announced the deal at a press conference at the Nigerian Embassy in Beijing.

The agreement between the Nigerian government and the Export-Import Bank of China comprises of the Abuja rail project worth $500 million and a national public security communications project worth $400 million

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"These are two priority infrastructure projects crucial for Nigeria's economic and social development," the minister said.

"It is more than a loan agreement. It marks the beginning of a new kind of partnership, where the companies do not only see themselves as contractors but also partners to transform our country and our economy," Aganga said.