Nigerian president on trip to China to finalize $1.1B in loans to West African nation

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Visiting Nigerian President Goodluck Jonathan has met with Chinese President Xi Jinping on a visit that is expected to finalize $1.1 billion in low-interest loans for much-needed infrastructure in Nigeria.

Xi on Wednesday welcomed the Nigerian delegation, which included ministers for petroleum resources, trade and transport and several state governors.

The loans China is offering Nigeria will help fund airport terminals in four cities, roads, a light rail line for its capital city, a hydropower plant and oil and gas infrastructure.

Nigerian finance minister Ngozi Okonjo-Iweala says these loans are part of $3 billion approved by China at interest rates of less than 3 percent.