Lagos, Nigeria - Nigeria is seeking a loan of US$3 billion from China to complete what it calls ongoing priority projects in several sectors, including agriculture, aviation and power. A high-level Nigerian government delegation, led by the Coordinating Minister of the Economy and Finance Minister Ngozi Okonjo-Iweala, is currently in China to discuss with the host government on the loan.

Journalists from the local media accompanying the delegation reported Wednesday that the loan being sought from China is part part of the US$7.9 billion loan proposal which President Goodluck Jonathan recently sent to the National Assembly for approval.

Apart from China, Nigeria is also planning to source loans from the World Bank, African Development Bank, Islamic Bank and India.

According to Okonjo-Iweala, the US$3 billion loan, which is being sought at not more than 3% interest rate, includes US $500 million to finance four new terminals in Nigerian cities of Lagos, Abuja, Port Harcourt and Kano and US$500 million to complete the Abuja light rail projects.

Also, she said, US$500 million of the loan from China is meant for agriculture while US$171 million is for the completion of the Bauchi independent power plant project.

Pana 22/02/2012