The Nigerian government has approved a $652-million China Exim Bank funding package for the construction of a road to move goods from a seaport and a petroleum refinery on the edge of its main city, Lagos, to its southern states.
Minister of Works, Dave Umahi, in a statement, said the financing was approved by the federal executive council, chaired by President Bola Tinubu, on Monday.
According to the minister, the road will be an evacuation corridor from the Lekki Deep Sea Port, the Dangote Petroleum Refinery – Africa’s biggest with refining capacity of 650,000 barrels per day – and its adjoining fertiliser plant to at least a dozen southern states.
China has been providing billions of dollars in funding for power, rail and road projects in Nigeria, the continent’s most populous nation and Africa’s biggest oil producer.
Nigeria’s debt to China – its largest bilateral creditor – stands at over $5 billion, the most recent data from the country’s Debt Management Office showed.
