Connect with us

News

China Approves $2.6 Billion Loan For Nigeria To Complete AKK Gas Pipeline Project

Published

on

The Federal Government on Tuesday announced that China has approved the 85 percent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.

China Approves $2.6 Billion Loan For Nigeria To Complete AKK Gas Pipeline Project 3

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during the inspection of the project in Ajaokuta, Kogi State.

She expressed optimism that the project will be delivered by 2023, adding that the project will create jobs for Nigerians and open up the economic space for industrialization.

“We are here to see the work that has been done. This a very important national project, and to see this project is being delivered on time and of course despite the slowdown in economic activities this project has not slowed down, even work has not stopped for one day.

READ:  Yul Edochie Finally Breaks Silence On His Son’s Death, Shares His Last Moments

“We are glad that gas is being piped to Ajaokuta, Kaduna to Kano. This project in this part of the country will create jobs, even now that work is going on locals are being employed. The contractor is doing a quality and excellent job, and we commend NNPC for implementing this project.

“We have to give a sovereign guarantee to the lender so that the loan is concluded. I am glad to say the loan has been concluded. And very soon the disbursement will start to the contractor. For now it is $2.5 billion.”

The AKK pipeline project, flagged off in July this year, is 85 per cent funded by the Bank of China and Sinosure, a Chinese export and credit insurance corporation, while the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC), provides 15 per cent equity.

KanyiDaily had reported yesterday that the World Bank also approved Nigeria’s request for a $1.5 billion loan, to boost the country’s efforts to reduce poverty.

READ:  American Universities Offer $7.5 Million Scholarships To 303 Southern Nigerian Students

Uche Maduagwu Tackles Yul Edochie For Advising Men Against Sleeping With Married Women
Entertainment35 mins ago

Uche Maduagwu Tackles Yul Edochie For Advising Men Against Sleeping With Married Women

DJ Chicken Gets Emotional As He Meets His Father For The First Time [Video]
Celebrities2 hours ago

DJ Chicken Gets Emotional As He Meets His Father For The First Time [Video]

Nigerians Reacts As Seun Kuti Bows To Greet Will Smith’s Daughter, Willow [Video]
Entertainment3 hours ago

Nigerians Reacts As Seun Kuti Bows To Greet Will Smith’s Daughter, Willow [Video]

There's Nothing Selfish About Not Wanting To Get Married Or Have Children – Ibrahim Suleiman
Entertainment16 hours ago

There’s Nothing Selfish About Not Wanting To Get Married Or Have Children – Ibrahim Suleiman

Multichoice Reduces Prices For DStv, GOtv Packages After Losing Million Subscribers
News17 hours ago

Multichoice Reduces Prices For DStv, GOtv Packages After Losing Million Subscribers

"Make Peace With Your Wife, May Before It’s Too Late” – Prophet Samuel King Warns Yul Edochie
Entertainment18 hours ago

“Make Peace With Your Wife, May Before It’s Too Late” – Prophet Samuel King Warns Yul Edochie

"Instead Of My Goals To Trend, My Nyash Is Trending” – Warri Pikin Reacts To Her Football Photos
Celebrities18 hours ago

“Instead Of My Goals To Trend, My Nyash Is Trending” – Warri Pikin Reacts To Her Football Photos

Eedris Abdulkareem Drags Pastor Adeboye, President Tinubu In New Song, ‘Emi Lokan’
Entertainment20 hours ago

Eedris Abdulkareem Drags Pastor Adeboye, President Tinubu In New Song, ‘Emi Lokan’

Giving A Child Tribal Mark Without Consent Is Evil - Toke Makinwa
Celebrities24 hours ago

Giving A Child Tribal Mark Without Consent Is Evil – Toke Makinwa

“Women Are The Reason Why Some Men Aren’t Responsible Fathers” – Daddy Freeze Replies Kate Henshaw
Celebrities1 day ago

“Women Are The Reason Why Some Men Aren’t Responsible Fathers” – Daddy Freeze Replies Kate Henshaw

Wizkid's Babymama, Jada Pollock Sparks Pregnancy Rumours With Viral Father’s Day Photo
Celebrities1 day ago

Wizkid’s Babymama, Jada Pollock Sparks Pregnancy Rumours With Viral Father’s Day Photo

Anita Okoye Celebrates Ex-Husband Paul Okoye On Father’s Day Despite His Remarriage
Celebrities1 day ago

Anita Okoye Celebrates Ex-Husband Paul Okoye On Father’s Day Despite His Remarriage

Actress Stella Ikwuegbu Is Dead
Entertainment1 day ago

Actress Stella Ikwuegbu Is Dead

"I Have Lost Respect For That Man" - Victor Osimhen Lambasts Finidi George [Video]
Sports3 days ago

“I Have Lost Respect For That Man” – Victor Osimhen Lambasts Finidi George [Video]

"Money Can’t Buy True Love" - Anita Paul Shades Ivy Ifeoma's Marriage To Ex-Husband Paul
Celebrities3 days ago

“Money Can’t Buy True Love” – Anita Paul Shades Ivy Ifeoma’s Marriage To Ex-Husband Paul

Ivy Ifeoma Replies Troll Who Shamed Her For Being Paul Okoye's Second Choice [Video]
Celebrities3 days ago

Ivy Ifeoma Replies Troll Who Shamed Her For Being Paul Okoye’s Second Choice [Video]

Funke Akindele Replies Body Shamer Advising Her And Toyin Abraham To Lose Weight
Entertainment3 days ago

Funke Akindele Replies Body Shamer Advising Her And Toyin Abraham To Lose Weight

Akah Nnani Reveals Why Wedding Day Should Be For Somberness, Not Celebration
Entertainment3 days ago

Akah Nnani Reveals Why Wedding Day Should Be For Somberness, Not Celebration

"Don't Get Married If You Don’t Have Your Own Money" - BBNaija Doyin Warns Ladies
Celebrities3 days ago

“Don’t Get Married If You Don’t Have Your Own Money” – BBNaija Doyin Warns Ladies

Spotify’s refreshed ‘New Music Friday Naija’ spotlights Nigeria's rising stars 4
Business3 days ago

Spotify’s refreshed ‘New Music Friday Naija’ spotlights Nigeria’s rising stars