China Funds Power Plant in Nigeria

Nigeria has entered into a deal with Chinese state-run firms to construct a $3 billion power plant according to the country’s finance ministry. The deal is part of Nigeria’s efforts to end its power shortage.

China’s Eximbank issued a loan for 75% of the planned 700-MW Zungeru hydro-electric power plant, while the Nigerian government is funding the rest of the money required to construct the plant.

“This project will create thousands of jobs for Nigerian engineers, technicians and artisans during the construction phase … It will also boost the economy,” Nigeria’s Finance Minister Ngozi Okonjo-Iweala said in a statement.

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