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China and Nigeria ink $1.1 billion deal

  • China has signed a $1.1 billion low-interest loan deal with Nigeria.

    The deal was agreed upon during Nigerian President Goodluck Jonathan's meeting with Chinese President Xi Jinping in Beijing on Wednesday.

    The money will be used to build roads, airport terminals in four cities as well a light-rail line for the Nigerian capital of Abuja.

    Jonathan is currently leading a business delegation on a four-day trip to China in order to boost bilateral relations between the two countries.

    In recent years, China has ramped up its presence across Africa due to its increasing reliance on the continent’s oil and other natural resources.

    Nigeria is Africa's biggest oil producer. China's demand for its crude oil is expected to rise tenfold to 200,000 barrels a day by 2015.