Nigeria’s President Muhammadu Buhari will make a four-day state visit to china to strengthen diplomatic relations and to sign a loan deal that will finance infrastructural projects in the West African country.
Though the figure of the loan is yet to be confirmed, it is thought to be in the region of about $2 billion.
Speaking to Reuters, Femi Adesina, the president’s special adviser on media and publicity said: “I can’t tell you how much until the day the loan will be signed.”
“Both countries will also be signing some bilateral agreements to strengthen their relationship, that is all I can say now.”
Nigeria has in the past said it wants to raise about $5 billion abroad to cover part of its 2016 budget deficit which could be as high as $15 billion.
President Buhari is yet to sign the 2016 budget, insisting he would have to go through the budget details, ministry by ministry.
The country’s minister of finance Kemi Adeosun visited China in February to set precedence for the signing of the loan deal.