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LATEST: China Turns Down Approach From Nigeria For $1 Billion Loan

Nigeria is seeking $1 billion so work can continue on a gas pipeline costing up to $2.8 billion after Chinese lenders failed to disburse cash as quickly as expected.

China developed cold feet after they pledged to offer most of the funds.

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.

LATEST: China Turns Down Approach From Nigeria For $1 Billion Loan – (anaedoonline.ng)

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