Buhari Discloses Facts About Chinese Loans

Buhari Discloses Facts About Chinese Loans: Nigeria’s partnership with China through the Forum on China-Africa Cooperation (FOCAC) has resulted in the execution of vital infrastructure projects across the country, valued at over $5 billion in the last three years of the current administration.

 President Muhammadu Buhari disclosed this on Tuesday in Beijing at the FOCAC Round Table meeting, attended by African leaders and Chinese President Xi Jinping.

Highlighting specific projects under FOCAC, the President said through the Chinese support, Nigeria has impressively addressed significant challenges in the areas of infrastructure, human capacity development, power, transport, agriculture and humanitarian assistance.

According to him For Nigeria, the partnership with China through the FOCAC platform, has resulted in the construction of the first urban rail system in West Africa which  was commissioned in July this year in Abuja.

 President Buhari said that, Nigeria is leveraging Chinese funding to execute $3.4 billion worth of projects at various stages of completion. These include the upgrading of airport terminals, the Lagos – Kano rail line, the Zungeru hydroelectric power project and fibre cables for our internet infrastructure.

The Nigerian leader said these projects had demonstrated the high level of consistency and commitment China has shown in boosting its relations with African countries under the umbrella of FOCAC.

President Buhari dispelled insinuations about the so-called debt trap by Chinese government on developing countries, insisting that Nigeria would be able to re-pay the loans.