As part of its ambitions to develop two rail lines in the southern part of the country, the Nigerian government is now negotiating a $14.4 billion loan with Standard Chartered Bank, a British Multinational bank known for financing projects in the EMEA markets.
The conversation will be spearheaded by the Minister of Finance, Zainab Ahmed
The move revealed by the Minister of Transportation, Rotimi Amaechi in an interview with Bloomberg is an effort to move away from seeking funding from China which the nation currently owes $3.4 billion.
We’ve moved away from China in some of our projects,” – Rotimi Amaechi
Nigeria currently spends 12.6% of its allocation in servicing its loans from China
The project is expected to be carried out by the CCECC construction company and a pact has been duly signed.