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Nigeria approves $9 bln foreign loan to spur infrastructure

Posted on 26 April 2013

Nigeria’s National Economic Council approved a $9 billion loan from lenders including the Export- Import Bank of China, the Islamic Development Bank and the African Development Bank.
The loan, part of the country’s 2012-2014 borrowing plan, will be used by federal and state governments to fund new infrastructure, invest in agriculture and create jobs, National Planning Minister Shamsudeen Usman told reporters today in Abuja, the capital. Interest rates on the loan will be as low as 2 percent, and the repayment period is 40 years, with a 10-year moratorium………………………………………..Full Article: Source

 
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