Economy

China to fund $900m projects in Nigeria

(Agencies)
Updated: 2010-12-24 13:58

LAGOS, Nigeria?- Nigeria says it has secured a $900 million loan from China to boost infrastructure in Africa's most populous country,?the?Associated Press reported Friday.?

Minister of Finance Olusegun Aganga told?the reporters that the Nigerian government had signed a $900 million loan agreement with the Export-Import Bank of China for the construction of a $500-million railway in the capital and a $400-million public security communications project.

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While Nigerian commercial banks avoid risk, China has become a major financier of projects across the continent, the report said.?

A Chinese report released Thursday said that China's direct investment in Africa had reached $9.33 billion in 2009, a jump from $490 million in 2003.