₦airaland Forum

Nigeria is seeking $1 billion so work can continue on a gas pipeline costing up to $2.8 billion after Chinese lenders which had pledged to offer most of the funds did not disburse cash as quickly as expected, three sources close to the matter said.

It is the latest sign of falling Chinese financial support for infrastructure projects across Africa, after years of major Chinese lending for railway, energy and other projects.

A spokesman for state oil company NNPC, which is building the 614-km (384-mile) Ajaokuta-Kaduna-Kano (AKK) pipeline, said it was still negotiating with the Chinese lenders – Bank of China and Sinosure – to cover $1.8 billion of the project cost.

“There’s no cause for alarm,” the spokesman said, without saying whether NNPC was turning to other lenders.

But the three sources told Reuters the company was now approaching others, including export-import institutions, to continue work on the pipeline that will run through the middle of the West African country to its northern economic hub Kano.

Chinese lenders had originally been lined up to fund the bulk of the estimated $2.5 billion to $2.8 billion cost of the project, which is central to President Muhammadu Buhari’s plan to develop gas resources and boost development in northern Nigeria.

NNPC, which was funding 15%, said last year it had used its own funds to start construction. The sources said the Chinese lenders would not agree to disburse the cash NNPC had expected by the end of the summer, prompting it to turn to others.

“They are looking at Nigeria as one loan, and right now, they feel they are too exposed,” one source said.

Bank of China said it would not comment on specific deals. Sinosure did not respond to a request for comment.

The Nigerian ministries of transport, finance and petroleum also did not reply to requests for comment.

Chinese bank lending to African infrastructure projects has fallen across the continent, from $11 billion in 2017 to $3.3 billion in 2020, a Baker McKenzie report said in April.

With the continent facing an estimated annual $100 billion infrastructure investment deficit, the loss of Chinese funding leaves a big gap to fill.

Nigeria began building the AKK pipeline in June 2020, saying it would help generate 3.6 gigawatts of power and support gas-based industries along the route. The project was to be funded under a debt-equity financing model, backed by sovereign guarantee and repaid through the pipeline transmission tariff.

NNPC awarded engineering and construction work along three sections of the pipeline to Oando, OilServe, China First Highway Engineering Company, Brentex Petroleum Services and China Petroleum Pipeline Bureau.

Transportation Minister Rotimi Amaechi said this month Nigeria was negotiating a mix of loans from Chinese and European lenders to fund railway projects, after media reports said it had initially planned to rely primarily on Chinese banks.



Source: Reuters
https://www.energymixreport.com/nigeria-seeking-1bn-for-major-gas-pipeline-as-it-awaits-chinese-lending/

CSTRR:
Well, how has the North maintained their strategic advantage?

By unity of purpose.

The south must do the same.
It is obvious but somehow it has proven difficult to do.

All these Igbo presidency, Yoruba presidency, south south presidency is a distraction from the real issue.

The North is using it to their advantage.
They will just divide and conquer and push on with their strategic objectives.

We need to start playing the same politics.
Get a decent Southern candidate, support him and then load him with our own agenda.

A southern president that was voted on broad Southern mandate will have the courage to stand up to the North and carry out progressive agenda that the south wants.

We all want the same thing- south east, south south , south west.

A rapidly progressive and prosperous country that can hold its own comity of nations and evolve with the times.
We need to start to pushing for that by real actions.

The North have a radically different National objectives.
Nigeria is been created in their image.

I must confess. You're one of the most enlightened minds I've come across here in nairaland. You're deep thinker and you truly understand the game the northern people are playing. It's just shameful we have a bunch of ignorant southerners who are stuck quabbling with themselves rather than face the real enemy.
I wish it's your type of leaders who are deep thinkers like you are at the helms of affairs

Abujason:
Akwa Ibom is in SS not SE.
Know your geography
Stop displaying your foolishness and lack of knowledge publicly

You are the one who needs to study geography the more because it's obvious you don't know that 'south-south' is not a geographical location but a geo-political zone. If anything, Akwa-ibom abd cross-river are the real easterners

be like say this 'kerichoco' go fit Buhari oo

NigeriaZoo:
Leave thinking for others, you are clearly not equipped for reasoning.

Exactly there's no point engaging in a debate with that dumb bitch. Just imagine at who she's comparing with MNK, Osama, a known jihadist globally?

it's very obvious that Lai Mohammed has infected agencies of government with the "propaganda disease". One thing is clear, MNK and Sunday Igboho have succeeded in planting the seed of secession the heart of every true southerner who knows that Nigeria is bleeped up and truly irredeemable. Gradually government is spending more scarce resources "fruitlessly" ensuring the fragile unity of the nation. it will dawn on them someday to realise that the cost of keeping Nigeria one is far too expensive and we better off divided from those marauding northerners.
Let the whole of the south cut off from the parasitic north, Benue and Taraba are welcome to join if they like

Rights to self determination is a universal right which is enshrined in both UN and AU charters and to which Nigeria is a signatory to, which means she upholds the belief of self-determination. Self-determination is not equated to terrorism. Nnamdi Kanu has only sought one thing and that is the right for his people to determine their own future "peacefully", since it's obvious to all that igbos do not have any bright future politically in Nigeria, no thanks to the people up north that hate them and vowed to always frustrate that political moves.
MNK has always advocated for achieving Biafra through peaceful means without resorting to war. He's always called for a referendum so that the people can get to decide their political future. He has ample evidence to prove that. On the charges of terrorism, it is the FG that stands guilty of it considering the fact that they've repeatedly use the instrumentality of state power to terrorize and victimize all those who voice their support for Biafra or support self-determination under the guise of fighting terrorism but left the terrorist up north to have a field day even to extent of forming a quasi-government and raising illegal taxation from the local population.
If the British people are smart and enlightened as they claim to be, they'd know that the real terrorist is not MNK but the FG. The only good thing about these is that MNK has "somewhat" opened all southerners eyes to the possibility of deciding their own political future and cutting off from the this dead shithole country

Anambra should follow up with their laws. Let's remind those vagabonds up north that Nigeria isn't their grandfather's inheritance. Time to dissolve this shithole country

Part of the reasons I support MNK to dissolve this shithole. It's not worth living together with these sets of terrorists

Good job boyd

RichDad1:
Beautifulocation.
These are the type of tourism attractions that Kanu and his ESN wild dogs wants to demarket for the SE.

He ain't demarketing shit. We just wanna get out of this shithole country that ain't favouring us.

Those are the kinds of things I like to spend my money on

It changes nothing. Even Ojukwu was believed and fought for Nigeria until it dawned on him that Nigeria ain't worth dying for. Considering how the northerners have so cornered everything and decided to marginalize the southeast politically

Kenya has officially termed themselves as a rogue nation for this dastardly act they carried. Even Sudan with their new government in place wouldn't have done this because it's trying to repair its international image.
Anyway Buhari can kiss the UK goodbye for his medical tourism and start consulting his newly found medical doctors in Kenya. Considering the fact that they forcefully captured a British National

It's good to know they finally promoting this southern governor's forum. That's the only panacea to combat these northern threats

These are part of the reasons I support Kanu's secession agenda

tamdun:
Nigeria govt should tax shege comot for their body, since Naija isn't good for their plant, then Naija market to shouldn't be available

You are not smart, why you should tax the hell of them?, you've forgotten Ghana is part of ECOWAS meaning free movement of goods and services within the region.
Toyota will assemble there and bring their goods into Nigeria under treaty of ECOWAS and no Tarriff will be applied to it. No thanks to that idiot in Asorock with his bad policies

mrvitalis:
Why not build high rise apartment building 10 to 20 floors , there is gas pipeline at emene and night mile link it to the estate and build it's own gas turbine

The light bill collected from them can fuel a 10 mw has turbine ...in that same space u can house 7500 units that's over 30,000 residents averagely

They pay for gas ,water and light ...that's how u develop

May you remain blessed for pointing that out!! So much land mismanagement happening there. That same land space could yield 1500 unit of housing. Enugu state government is not as wise Lagos.
I love the way Lagos state manages land when building housing estates. It's always going up to three layers

SmartPolician:
This is good news.
It shows that people are increasingly embracing the rail transport.

If you read the contents properly, you'd have known that the increase came as a result of the increase in the price of rail transportation and the reduction in the number of passenger traffic. All these because of the galloping inflation this administration has wrought upon us despite high oil prices.
All these Buhari praise singers should grow some sense

BlowYourMind:
Show us the most developed Igbo land Tinubu is not stealing from, let us compare it with Lagos

Dundee!! Lagos is a far cry from the megacity she ought to be when compared to other mega cities across the world. You are here forming village champion with Lagos.
Sorry should be your surname

That one concern them. We should all go our separate ways for true peace to reign. Period!!

Livesimple:
Nnmadi kanu don rape Nigeria finish e de wait for final burial

I swear down. That guy really spoil market for hausa/fulani people. If they find way to enter London na to waste (kill) the guy. For opening everyones eyes

Everybody just wanna break out from this shithole nation. Like a mass reawakening, no thanks to Nnamdi Kanu for the eye opener

CasNova:
I pray God will restore Borno state and Nigeria at large to their past glory.

What glory? It has always been a shithole country, it only became glaring for the world to see

So because China is building an assembly plant, everything is well in Nigeria abi? Look at how inflation has completely eroded the purchasing power of Nigerian all due their persistent naira devaluation despite oil prices averaging nearly $80 per barrels.
This same moronic administration blamed GEJ for failing to improve Nigeria's economy despite the high oil price, at least, GEJ's administration kept inflation relatively with 10%-11% with a huge economy and a burgeoning middle class that had a reasonable purchasing power. There's no doubt GEJ was a whole lot better than PMB. Fact!!

PeaceJoyLove:
I laugh hard esp with the front page comments. Big sponsors are the ones killing you. They are the ones giving you cancer and many bad diseases. Sportsmen have just woken up. And they are educating you. Yet the businessmen are trying to prevent them. Coke knows the damage their drink is doing, yet, they won't stop. And you guys are saying sportsmen are wrong. When you carry your own cancer or terrible disease, you will understand these guys are bold to do this. The same way, I talked about tennis - that babe boycotted most of the tournaments now. Ok ooo. Keep saying sponsors need to make money. They will make money with their terrible products, and you will even make doctors and drugs manufacturers happier. You will buy useless drugs cos they are sponsors too. Dont worry. Keep supporting those killing you cos they are sponsors who need to make money back.

You're completely dumb. First off, no one is under compulsion to take those drinks. It's free world. Secondly those brands pay huge money to keep those tournaments entertaining for the world thereby enriching the players that partake in the tournament.
If those players aren't comfortable with those brands sponsoring their tournament, they can leave and look for tournaments that's sponsored by Table water and tiger nuts drinks, simple!!!

TangoPredict:
If players are to bet, it will spoil the beautiful game of football.

Imagine you are a player and you place a bet on yourself to collect yellow or red card then you go on to play and purposely play rough and you are carded thereby winning your bet, that's unfair and unethical.

Imagine if all players begin to do this, how will you enjoy games.

Imagine if you tell your followers to place same bet or all players do likewise, how will the beautiful game of football be enjoyed?

Are you minding the fool. Some people don't think things through, they don't have the mental capacity to understand why certain decisions were made.
What Ronaldo and Pogba did is highly reproachable

gurunlocker:
I don't have to go back before I know your comment makes no sense.... You are comparing killing of human being? Pathetic!!!

You couldn't read out the scarcasm he's trying to point out. You're darn slow man

It should even go lower than that. Considering the fact that the useless idiot we call 'head of state' has brought total anarchy in the land by indirectly elevating his fulani bandits to levels never witnessed before and hopefully never to be witnessed after this murderous administration have shamefully left power.

PMB is second biggest mistake after Adolf Hitler of Germany

BKayy:
With which gas?
SE (Imo and Anambra) Gas?
What do these Nigerians think made IPOB to start the call for Biafra?
They want to turn Igboland to the new Niger Delta. They think we are as foolish as the Ignorant Minorities that doesn't know what's up.

Ndi ara the over 4 billion cubic gas reserves in Anambra and Imo is what we will use to build our new Biafra, generate electricities, power our companies and secure the future of our next generation. You people think we don't know. You think we don't have Igbo geologists among your ranks.
Better back off on time.

Let's not be too boastful about it. They're also a huge number of gas in the offshore. Gas ain't really part of the world energy plans going forward. It's still fossil fuel