This archive report was first published on 7 January 2022.
Published on January 7, 2022, President Muhammadu Buhari of Nigeria has reaffirmed his administration's commitment to pursuing Chinese loans to drive development goals.
Speaking in an interview with a local television station, Buhari emphasized that his government welcomes any assistance from foreign partners, including China, to improve Nigeria's infrastructure.
'The Chinese are welcome, anybody that is prepared to come and help us and our infrastructure to do the roads, the rail and power will be welcomed,' Buhari noted.
He dismissed concerns over debt sustainability, stating that Nigeria takes loans only where necessary and that the country's infrastructure development would be hindered without foreign assistance.
According to data from the Debt Management Office, Nigeria has borrowed $2.02 billion as loans from China from 2015, with the country's debt portfolio from China rising to $3.40 billion as of March 31, 2021.
