Nigeria’s debt to China rises to $4.15 billion – DMO

The Debt Management Office, (DMO), has in its latest data revealed that Nigeria’s debt to China is $4.15 billion as of September, 2021.

According to the DMO, this balance is out of a total debt of $6.5 billion available for Nigeria to draw down.

Most of the debts are for a period of 20 years, with a grace period to repay the principal of about 7 years.

Only a $200 million debt had a tenor of 12 years with a grace period of 5 years. The loans are broken into dollar-based and Yuan-based loans, with $4 billion and another CNY480.

Nigeria’s debt to China has risen over the last decade as government diversifies its debt portfolio towards cheaper Chinese loans with rates at an average of 2.5% per annum.

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