The Export-Import Bank of China is set to offer a loan of $328 million to Nigeria’s ICT sector according to a statement from the Senior Special Assistant on Media and Publicity Garba Shehu. The agreement will be between Nigerian company Galaxy Backbone Limited and China’s Huawei Technologies.
The statement read in part:
“During the 6-day official visit of the Nigerian President, he is expected to join his Chinese counterpart, Xi Jinping to witness the signing of an agreement on the National Information and Communication Technology Infrastructure Backbone Phase 11 (NICTIB 11). The bank facility is for the development of NICTIB 11 project which is consistent with the current administration’s commitment to incorporating the development of ICT into national strategic planning under the National Economic Recovery and Growth Plan (ERGP).”
The Presidents from the two countries will also sign a MoU of the One Belt One Road Initiative (OBOR). In 2013, the Chinese President proposed the project to build the Silk Road Economic Belt 21st-Century Maritime Silk Road with the aim of “integrating the development strategies of partnering countries.”
The Nigerian President is also expected to sign a minimum of 25 MoUs including those the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigerian National Petroleum Corporation (NNPC), and the Nigerian Investment Promotion Commission (NIPC) have recommended.