FG approves $652m China Exim Bank

Nigeria has approved a $652-million China Exim Bank funding package for construction of a road to move goods from a sea port and petroleum refinery on the edge of its main city Lagos to its southern states, the public works minister said. The financing was approved by the federal executive council chaired by President Bola Tinubu on Monday, David Umahi said in a statement. The road will be an evacuation corridor from the Lekki Deep Sea Port, the Dangote Petroleum Refinery – Africa’s biggest with refining capacity of 650,000 barrels per day – and its adjoining fertiliser plant to at least a dozen southern states.
China has been providing billions of dollars in funding for power, rail and road projects in Nigeria, the continent’s most populous nation and Africa’s biggest oil producer. Nigeria’s debt to China – its largest bilateral creditor – stands at over $5 billion, the most recent data from the country’s Debt Management Office showed.