China woos Nigeria with $50bn in export credit guarantees

China has offered Nigeria US$50 billion in export credit guarantees to help fund projects in Nigeria over the next three years, the Financial Times reported. The offer by Sinosure, China’s export credit guarantee agency, would support Beijing’s efforts to secure access to energy resources in Nigeria, Africa’s largest oil producer. Neither China nor Nigeria has outlined specifics of the projects that would be funded, but Chinese companies are reportedly interested in investing in railways and Nigeria’s power sector. Sinosure is also partnering with the China Development Bank to fund further projects in Africa.