Michael Olugbode in Abuja
The effects showed that China-Exim Bank continues Nigeria’s infrastructure development.
After consulting with the head of the Ministry of Finance and publications on the online page of the Debt Management Office (DMO), it was discovered that China Exim Bank has partnered with the federal government to make the most of intensive allocations in capital throughout the country and that The bank has made an intelligent gesture of cooperation with the federal government. Concerns have been raised in the past about China-Exim Bank’s reluctance to fund infrastructure allocations in Nigeria. The government had requested a loan of $973. 54 million from the China Development Bank and received approval from the National Assembly. The loan was earmarked for the Nigerian Railway Modernization Project, specifically the Kaduna-Kano section. This task was part of a broader infrastructure development initiative designed to obtain financing from various sources, including the World Bank, the African Development Bank, the Islamic Development Bank, the Exim Bank of China and others. And the debt plan was approved by the National Assembly in 2020, with a general budget of $22. 88 billion. This year, Nigeria’s Ministry of Finance, Budget and National Planning initiated an update of China-Exim Bank’s financing proposal to the China Development Bank. “This update was due to the unpredictable nature of borrowing, especially in the face of a global crisis like the COVID-19 pandemic. These decisions take into account a multitude of factors, such as the economic situation and threat management, to ensure the most favorable situations for Nigeria. “China Exim Bank has been a key component in Nigeria’s infrastructure progress. “The online page of the Debt Management Office lists a number of tasks effectively completed or in progress, adding the Nigerian Railways Modernization Project (Idu-Kaduna Section), the Nigerian Railways Modernization Project ( Idu-Kaduna section), Nigeria (Lagos-Ibadan section), Abuja light rail project, Nigeria’s main ICT infrastructure allocation. Array Four Airport Terminal Expansion Project in Nigeria, Zungeru Hydroelectric Project in Nigeria, Abuja-Keffi-Makurdi Road Rehabilitation and Upgrade in Nigeria, Greater Abuja Water Supply Project in Nigeria, National ICT Infrastructure in Nigeria Nigeria Project Phase II, Electronic Border Facility for the Nigerian Immigration Service, Lafia Highway Passage and Dualization of Enugu-Makurdi Highway, funded through China Exim Bank. And such allocations can greatly improve the quality of life in Nigeria and stimulate economic growth, provided they are effectively controlled. “It is imperative to recognize that recent adjustments in financial arrangements are a popular practice in reaction to changing economic situations and the pursuit of the maximum productive interests of any of the components involved. “
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