India offers Nigeria N1.8trn line of credit on 1.75% interest rate

India offers Nigeria N1.8trn line of credit on 1.75% interest rate

- The Indian government is offering a $5 billion (N1.8 trillion) line of credit to Nigeria

- This credit line is said to have an interest rate of only 1.75 %

- Nigeria's minister of communications asked the India envoy to urge investors to establish a 5G village in Nigeria

The Nigerian government is set to receive a $5 billion (N1.8 trillion) line of credit with low interest from India.

This was disclosed by the Indian high commissioner to Nigeria, Abhay Thakur, during a visit to the minister of communications, Adebayo Shittu on Monday, January 21, in Abuja.

Punch reports that Thakur said the Indian prime minister has made $10 billion credit line available to Africa during an India-Africa Forum summit.

According to Thakur only 50% of the credit line approved have been utilised by Africa.

He also said that Nigeria had the opportunity to explore this credit line which had an interest rate of only 1.75 %.

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“This is a good facility which to my knowledge half of it has just been utilised and for Nigeria, we can enhance our areas of collaboration,” Thakur said.

Also speaking, the minister of communication said the relationship between India and Nigeria can be counted as one of the best Nigeria has ever had in terms of partnership.

Shittu urged the India envoy to investors to establish a 5G village in Nigeria and further partner with stakeholders in building the proposed ICT Park in Abuja.

He said the park would be located in a free trade zone that would add beauty and elegance to the country as well as boost revenue base of the investors.

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“In the area of bilateral agreement, we can raise a team to work on crucial areas and look at the details and appraise what we can do on low hanging fruit that would be beneficial to both countries.

“A lot of Indian companies had often indicated interest to invest in Nigeria by way of establishing industries but rarely translate such into action, hence, the need to encourage them to translate such interest into reality," Shittu said.

Meanwhile, previously reported that Shittu had threatened to work against the governorship candidate of the All Progressives Congress (APC) in Oyo state, Adebayo Adelabu, during the February, 2019 elections.

Shittu who lost in the race for the governorship ticket said without restitution, there won’t be peace in the APC.

The National Working Committee (NWC) of the APC had raised the peace and reconciliation committee for each of the six geopolitical zones to reconcile aggrieved members ahead of the general elections. ( -> We have upgraded to serve you better.

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