Nigeria: Country's Rising Debt Profile

11 August 2013

Recently the Federal Government of Nigeria secured a low-interest loan of US$1.7billion from China for the development of aviation infrastructure in four states and a light rail line in Abuja. The loan, however, is tied to a condition: Chinese contractors will execute the projects; their companies will then have an opportunity to grow and provide their citizens with jobs abroad. About the same time, a "High-level Policy Dialogue on Infrastructure and Structural Transformation in Nigeria" brought together government officials and representatives of international finance bodies in Abuja.

The team came together to discuss the "Action Plan for Infrastructure Development in Nigeria", a report purportedly put together by the Africa Development Bank (AfDB), that sets out objectives and plans on how to achieve the desired policy, institution reforms, and capital expenditure for the rehabilitation, addition of new capacity and proper maintenance of infrastructure. It went further to spell out the roles of both the public and private sector.

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