Economy

China no longer give us money, we’re approaching Europe for loans – Amaechi

Access Bank
The Minister of Transportation, Rotimi Amechi, has blamed the delays in major projects, including railways, on the inability of the Chinese to fund them.
Amaechi said the Federal Government has started looking for loans in Europe following the refusal of the Chinese to fund Nigerian projects.

In an interview with The Guardian, the minister expressed hope that Nigeria could get loans from Europe to complete existing projects.

According to Amaechi: “We are stuck with lots of our projects because we cannot get money. The Chinese are no longer funding. So, we are now pursuing money in Europe.

“And when I look at the money they are borrowing in other countries and compare it with the one we have borrowed, the kind of comments by Nigerians will put you off.”

Amaechi said the Abuja-Itakpe railway is underway, which will link the existing Itakpe-Delta rail line.

He said the link rail would have been completed but for misunderstanding with a Chinese contractor.

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