The Bank of China has approved the $2.5 billion loan request from the Nigerian government, to finance construction of the Ajaokuta-Kaduna-Kano AKK gas transmission pipeline, which commenced in July this year.
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, made the disclosure on Tuesday, during an inspection exercise of the AKK pipeline constructions ongoing at Ajaokuta in Kogi State.
The GMD, who was accompanied by the Minister of Finance, Zainab Ahmed, explained that the loan which was was only 85 percent of the total project score, was presently available for disbursement. He added that the remaining 15 percent was provided by the NNPC as equity from its resources to finance the national project.
According to him, the AKK gas pipelines once completed, would reduce gas emissions into the environment, create new business opportunities, revive moribund industries and create massive wealth along transit towns in Kogi, Niger. Kaduna, Kano states and Abuja…
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