Muhammadu Buhari, Nigeria’s president, has negotiated a $6bn loan and a currency swap deal with China, as he continues to search for new ways to revive an economy buckling under pressure from dwindling oil revenues.
Mr Buhari has been in China this week, meeting officials including President Xi Jinping, as he seeks to address a serious dollar scarcity and find funds for the infrastructure projects he says will get Nigeria’s economy moving.
His four-day visit signals a turn for Africa’s biggest economy toward China, now its biggest trading partner. Kemi Adeosun, Nigeria’s finance minister, said just before the visit that the country was considering selling a Chinese “panda” bond to help finance a budget deficit of about $11bn.
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