by Akan Ido
Nigeria again goes a-borrowing as the ministry of finance on Wednesday announced that China is offering the country a $1.1bn loan to help the build airport terminals, a light rail line in Abuja and make make much needed improvements in communication systems.
The light rail project is expected to ease traffic congestion between many communities on the outskirts of the Federal Capital Territory, Abuja and the city center.
The project which will also serve commuters from some parts of nighbouring Nasarawa State will cost $500m.
Out of the total loan deal, $100m will be utilized in the improvement of internet facilities to further improve communication capabilities.
According to monitored reports, another $500m will be used in the building of airport terminal facilities in various major cities in the country including that of Abuja, Enugu, Kano, and Port Harcourt.
Recently, Chinese workers helped reconstruct parts of Nigeria’s moribund railroad system and have built roads and other projects in the country.
These two main projects have a 2.5 percent interest on the loan and a seven year grace period before payment is required.
The Chinese are here to stay.