Nigeria's Debt to China Surges 20% to $4.7 Billion as Beijing Finances Major Railway Projects
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Nigeria's debt to China rose by $800m in one year to $4.73bn as of June 2023. An increase of 20% from Q2 2022.
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The loans have interest rates ranging from 2.5% to 3% and tenors of 20 years. Nigeria has paid back $263m so far.
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A Chinese company, CCECC, has handled railway projects in Nigeria worth over $25bn, supported by Chinese financing.
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In 2021, China became reluctant to lend more to Nigeria due to repayment concerns.
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Recently, China committed to refinancing and completing the Abuja-Kano and Port Harcourt-Maiduguri railway projects.