Muhammadu Buhari, Nigeria’s president, headed to the triennial Forum on China-Africa Co-operation in Beijing in September, in part to pursue an additional $6bn in infrastructure loans from Chinese state banks. At the two-day summit, Xi Jinping, China’s president, pledged $60bn for development across Africa.
But Mr Buhari rejected criticisms that Nigeria was falling victim to debt and dependency to its Chinese creditors — at present, a common anxiety on the continent. He was quoted in local media as saying: “Some of the debts incurred are self-liquidating. Our country is able to repay loans when due in keeping with our policy of fiscal prudence and sound housekeeping.”
Over the past decade, Chinese state banks and contractors have helped build a 186km rail line between the cities of Abuja and Kaduna, with another line between Lagos and the northern city of Kano under construction. China Civil Engineering Construction Corporation is also working on new international terminals for Nigeria’s four largest airports.