China has agreed to give Nigeria a $1.1bn (£700m) low-interest loan to build much-needed infrastructure.

The deal was struck during Nigerian President Goodluck Jonathan's meeting with Chinese President Xi Jinping in Beijing on Wednesday.

The money would help build roads, airport terminals in four cities, and a light-rail line for Nigeria's capital.

China is investing heavily in Africa at it relies on it for oil and other natural resources.

Nigeria is Africa's biggest oil producer, but its infrastructure needs updating and most people live in poverty.

Mr Xi said both countries had been brought together by a common task of pursuing national development, AFP news agency reports.

"As a proverb of Nigeria reads: 'A man cannot sit down alone to plan for prosperity,'" he is quoted as saying.

Mr Jonathan is leading a business delegation on a four-day trip to China to boost ties between the two countries.

Chinese companies are already building roads across Nigeria in contracts worth $1.7bn.

China's demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, Nigerian officials said, AFP reports.

http://m.bbc.co.uk/news/world-africa-23269004

the new dawn of fresh air.

more chinko products to flood my beloveth country!!

whats this?

re-colonisation

are you kidding me? 1.1 billon dollars on all this that was listed when lagos to Ibadan alone is going to gulp 168 billion naira

globalaid: are you kidding me? 1.1 billon dollars on all this that was listed when lagos to Ibadan alone is going to gulp 168 billion naira

na the same amount.

I thought the loan was to be a $3billion soft loan?

so Nigeria doesn't have a billion dollars

Hope all Last

Uncle Johan is working..........Oya, let the infrastructure begins.

WE'D BETTER START LEARNING CANTONESE THEN
CHU WA FU CHING CHONG
CHU HWA HIYYAAA!!!!

FUK DIS EYE JUST BEET MY TONG

Why didn't Jona just go to Dangote?

WackyJ1: Why didn't Jona just go to Dangote?

that business man will not take risk with is money on Nigerian thieves

Jona and co. don hammer. Imagine the sharing formula. I only pity the generation that will pay back this money and accumulated interest. God bless Nigeria.

Jst 1billion? Aha watin we wan use dat small money do, Gej 4 collect like 200billion, complete this power wahala, transform our rail system, rebuilt our steel companies, set up new industries to produce nigerian made cars nd phones. Watin dy do dis our leaders sef

WackyJ1: Why didn't Jona just go to Dangote?

shey dem tel u say nahim born am?and FYI, Dangote deals with people of gud visions and missions

I hope GEJ knows that a borrower is a slave to the lender.
We just keep mortgaging our future to all these countries.
What is $1b that we should be going cap in hands to borrow, with all the strings attached?
Just gather ten people out of all the officials that has been freely looting our money and put them under serious pressure, they will cough out more than that.

hmmm. Niaja*china

With the borrowed money for building infrastructures, Chinese companies will still be the same people that will be awarded the contract...

One step forward, giant steps backward..

cecegorz: I hope GEJ knows that a borrower is a slave to the lender.
We just keep mortgaging our future to all these countries.
What is $1b that we should be going cap in hands to borrow, with all the strings attached?
Just gather ten people out of all the officials that has been freely looting our money and put them under serious pressure, they will cough out more than that.

na obj or gej.

He would have contacted me. To late

that is if we can feel the impact of the infrastruture the money will be used for.they should tacke the issue of power befor those other irrelevant aforemention point that they listed.

GEJ is always making stupid mistakes. Who re his advisers?

NSNA:
that business man will not take risk with is money on Nigerian thieves

Best answer so far. From that $1.1B over 70% will be wasted or looted.

White007: China has agreed to give Nigeria a $1.1bn (£700m) low-interest loan to build much-needed infrastructure.

The deal was struck during Nigerian President Goodluck Jonathan's meeting with Chinese President Xi Jinping in Beijing on Wednesday.

The money would help build roads, airport terminals in four cities, and a light-rail line for Nigeria's capital.

China is investing heavily in Africa at it relies on it for oil and other natural resources.

Nigeria is Africa's biggest oil producer, but its infrastructure needs updating and most people live in poverty.

Mr Xi said both countries had been brought together by a common task of pursuing national development, AFP news agency reports.

"As a proverb of Nigeria reads: 'A man cannot sit down alone to plan for prosperity,'" he is quoted as saying.

Mr Jonathan is leading a business delegation on a four-day trip to China to boost ties between the two countries.

Chinese companies are already building roads across Nigeria in contracts worth $1.7bn.

China's demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, Nigerian officials said, AFP reports.

http://m.bbc.co.uk/news/world-africa-23269004

Already, America is dumping Nigeria's oil, so China can dictate the price they want to buy from Nigeria.

i thought it was $3bn they wanted.

low interest laon! how low are we talking here?

Oloshi olori buruku ni awo wayray sah Ah oga o, may God help us in this country o!

China : it's a low interest loan ...... but you to agree to import our high quality cars, our beef,

Most Nigerian youths don't even watch the news and follow-up events to understand agreements being entered by their govt and other govts and ask questions if they don't understand ,but would quickly comment showing their naivety with their unintelligent posts which makes me wonder why wouldn't the criminal elements in the govt continue to steal with impunity fully aware that an average Nigerian do not pay attention to details......smh