Home > International Marketing, International Trade, Journalism and Economics > China Loans Nigeria $1.1 Billion (Again)

China Loans Nigeria $1.1 Billion (Again)

China Nigeria

Overall, this is good news for both China and Nigeria.

But you can almost be certain that there’s less “news” here than meets the eye.

Yesterday Aljazeera posted this “news“:

Nigerian President Goodluck Jonathan and his Chinese counterpart, Xi Jinping, have presided over the signing of accords between their governments to facilitate $1.1bn in low-interest loans for much-needed infrastructure in Nigeria.

The ceremony took place on Wednesday in Beijing at the start of Jonathan’s four-day visit.

But, last September, 2012, the New York Times already had the breaking story:

China is offering Nigeria $1.1 billion in loans to help the West African nation build airport terminals, a light rail line for its capital city and communication system improvements, the country’s Finance Ministry said Wednesday.

These deals are almost always hammered out well in advance of meetings of heads of state. I’m more surprised that the number is still just $1.1 billion.

But again, overall, this is good.

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