Nigeria to borrow $7bn from China and World Bank

President Muhammadu Buhari of Nigeria is seeking approval from parliament to borrow nearly 7$bn. A $5.85bn loan from China would be used to modernize Nigeria’s railways and a $1.07bn loan from the World Bank would help fund reconstruction in the northeast, which has been ravaged by insurgency. Nigeria is experiencing the first recession in 25 years.

Source: African Business, May 2017