The first loan project was for the Nigerian Communications Satellite project with $200m agreed on January 12, 2006. The third loan was for the Nigerian railway modernisation project (Wu- Kaduna section) with $500m agreed on December 20, 2010, and disbursed. Only the 15th loan project was presented in Chinese Renminbi Yuan. Regarding repayments, The PUNCH observed that within the period under review, Nigeria serviced Chinese loans with $263.14m. The PUNCH recently reported that the United States said China had the potential to influence the Nigerian government through Chinese loans.

Source: Punch October 30, 2023 16:52 UTC