The Nigerian Government has said that it needs a $17bn loan from China to enhance the economy and boost infrastructural development.
It said other lending institutions like the World Bank and the African Development Bank were not showing much interest when Nigeria approached them during recession.
Minister of Finance, Zainab Ahmed, stated this while defending the decision to borrow $29.96bn loan to fund critical infrastructure across the country at the Nigerian Senate.
She said, “The funds ($22.8bn) will be channelled to the funding of infrastructure, which will enhance the productivity of our economy.
“Other projects are in healthcare and education. It also includes projects for the rehabilitation of the North- East geopolitical zone, which has been ravaged by insurgency.
“Others are the Mambila Hydro Power project ($4.9bn), Lagos-Kano modernisation rail project ($4.1bn), the Development Finance project loan being provided by a consortium of World Bank and African Development Bank agencies ($1.28bn).
“Above all, the loan will help us to improve our electricity supply, reduce poverty, create jobs, ensure access to finance, agricultural productivity, guarantee food security, achieve high school enrollment, provide clean potable water, rehabilitate major roads and develop the mining industry.”