Nigeria receives $328m loan from China to boost ICT sector

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China’s Import-Export Bank is set to offer a $328 million to Nigeria to further spur growth in the country’s ICT sector. The agreement between Nigerian company Galaxy Backbone Limited and China’s Huawei Technologies was explained in a statement from the Senior Special Assistant on Media and Publicity Garba Shehu.

The statement said that Nigeria’s President, Muhammadu Buhari, would in the course of his Chinese visit be joining China’s president, Xi Jinping, in witnessing the signing of the agreement on the National Information and Communication Technology Infrastructure Backbone Phase 11 (NICTIB 11). The statement continues to say, “The bank facility is for the development of NICTIB 11 project which is consistent with the current administration’s commitment to incorporating the development of ICT into national strategic planning under the National Economic Recovery and Growth Plan (ERGP).”

In addition, the two countries’ Presidents are to sign a MoU of the One Belt One Road Initiative (OBOR).

The Chinese President proposed the project to build the Silk Road Economic Belt 21st-Century Maritime Silk Road in 2013, with the main aim of “integrating the development strategies of partnering countries.”