Nigeria approves $652m China Exim Bank road finance package
The financing was approved by the federal executive council chaired by President Bola Tinubu on Monday, Umahi said in a statement.
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 $5bn (R91.09bn), the most recent data from the country's Debt Management Office showed.
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