China extends its reach into Africa with $1bn deal for Nigeria’s railways – Rory Carroll

From The Guardian (link):

China has promised to invest $1bn (¬£530m) in ’s creaking railways in its latest attempt to extend its influence in Africa. The Chinese government offered the funds in the form of a soft loan to help repair old lines and install new rolling stock and equipment.

“Provision of infrastructure is critical for economic development,” Nigeria’s finance minister, Ngozi Okonjo-Iweala, said when announcing the deal, the Xinhua news agency reported yesterday. The move will consolidate Beijing’s ties to sub-Saharan Africa’s biggest oil producer, part of a strategy to court oil exporters to fuel China’s booming economy.

See also “China, Nigeria sign joint communique” from Xinhua (link).


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