The slowdown in Chinese infrastructure development lending in Africa is on vivid display in Nigeria, where the country’s Transportation Minister acknowledged that he’s no longer counting on Beijing to finance a pair of multi-billion railway projects, according to a Bloomberg report.
“We’ve moved away from China in some of our projects,” acknowledged Rotimi Amaechi in reference to the railway deals that have been held up due to a lack of movement from Chinese creditors. The government is now reportedly in talks with the London-based bank Standard Chartered, (the same institution that’s financing a portion of Tanzania’s new standard gauge railway,) for the $14.4 billion needed to build the lines.
