Saturday, May 15, 2021

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Amaechi believes that China’s loan investigation may hinder investment in Nigeria’s infrastructure

Nigerians Minister of Transport, Rotimi Amaechi, argued that the investigation into Nigerians use of foreign loans to finance infrastructure projects may have a negative impact on the perception of foreign lenders. In turn, this may affect Nigeria’s infrastructure projects, provided that such lenders choose to withdraw their loan offers.

The minister pointed this out at a hearing with the Abuja House of Representatives Committee on Treaties, Protocols, and Agreements. Legislators invited him to participate in the hearing to gain a clearer understanding of China’s US$500 million loans from the Export-Import Bank, which Nigeria is seeking for railroad construction and other projects.

In response to lawmakers, Amaechi requested that the investigation be postponed until December after the loan must be received. However, the House Committee made it clear that it can investigate/review Nigeria’s bilateral loan agreement at any time.

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