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Nigeria Gives Up Waiting for China Eximbank Railway Loan

  • Country turns to Standard Chartered to raise funds for project
  • China’s rebuff is a setback for Nigeria’s infrastructure push
Updated on

Nigeria said it won’t wait any longer for the Export-Import Bank of China to finance a major part of a crucial railway project in Africa’s biggest economy.

The government received from the state-owned lender only about 15% of the funding required for a line originally estimated to cost $8.3 billion that will link the commercial hub of Lagos to the northern city of Kano. President Muhammadu Buhari’s administration has been expecting a response from the Chinese authorities regarding the rest of the loans, but hasn’t received a reply, Transport Minister Rotimi Amaech said.