Fri. Apr 3rd, 2020

Nigeria sets to close a $2.5bn financing agreement with Chinese

Nigeria is set to close a $2.5bn financing agreement with Chinese lenders by the start of the second quarter of this year to fund the single biggest gas pipeline project in the country’s history.

On completion of the 614km Ajaokuta-Kaduna-Kano natural gas pipeline, new gas-to-power plants will push power generation capacity to more than 10,000MW.

Nigeria has 202trn feet of proven gas reserves and an additional 600trn feet³ of unproven potential resources.

The AKK pipeline project, which is being implemented using a build and transfer public-private partnership model, is expected to transport 3.5bn ft³/d of dehydrated wet gas from multiple projects in the southern part of the country