Nigeria Rail Project
Nigerian govt approaches Standard Chartered Bank for the funding of two rail projects after Chinese lenders delay
Abuja, Nigeria: The Nigerian government has approached the Standard Chartered Bank for the funding of two rail projects in the country following delay by Chinese lenders.
Nigeria’s transport minister Rotimi Amaechi on Wednesday said the rail projects were being stalled by non-approval of loan requests by Chinese lenders, reported The Guardian.
“We are actually waiting for the Chinese to give us the loan we applied for and they kept delaying us,” Amaechi told journalists as quoted by the newspaper in Nigeria’s capital Abuja. “Will we wait for them forever? The answer is no.”
Nigeria has been negotiating a mix of loans from Chinese and European lenders to fund railway projects in the country, the newspaper reported.
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