Nigeria has approved a $652 million funding package from China Exim Bank to construct a key road that will connect Lagos, its largest city, with the southern states, facilitating the movement of goods from the Lekki Deep Sea Port and the Dangote Petroleum Refinery.
The approval came from Nigeria’s federal executive council, chaired by President Bola Tinubu, on Monday, as confirmed by Public Works Minister David Umahi.
This road project will serve as a vital evacuation corridor for goods from the Lekki Deep Sea Port, Africa’s largest refinery – the Dangote Petroleum Refinery, which has a capacity of 650,000 barrels per day – and the adjacent fertilizer plant, benefiting at least a dozen southern states.
China has been a significant financial partner for Nigeria, providing billions of dollars in loans for infrastructure projects, including power, rail, and road development. The nation’s debt to China, its largest bilateral creditor, exceeds $5 billion, according to the latest data from Nigeria’s Debt Management Office.