France loans Nigeria $100 million for buses

25th November 2011, Comments 1 comment

France will loan Nigeria $100 million to set up a bus network in its sprawling commercial capital Lagos, the foreign ministry said Friday during a visit by Nigeria's President Goodluck Jonathan.

"In coordination with Nigerian authorities, the French development agency, on the ground since 2008, has made urban development one of its operational priorities in this country," a statement said.

France said the loan would be made to the Nigerian federal government but then passed to Lagos State. It will help fund the city's new $330 million urban transport plan, which is cofinanced by the World Bank.

Lagos is sub-Saharan Africa's greatest metropolis and the commercial hub of Africa's oil-exporting largest nation, but its public infrastructure struggles to cope with its vast population.

Jonathan and his finance minister former World Bank managing director Ngozi Okonjo-Iweala are on a working visit to Paris to drum up trade and investment from France, which has growing oil interests in Nigerian fields.

© 2011 AFP

1 Comment To This Article

  • Sam posted:

    on 25th November 2011, 17:14:25 - Reply

    Dr. Iweala is really pushing for the economic liberation of Nigeria. Her influence has secured Nigeria this lifeline to improve our transportation system.