Nigerian Finance Minister Kemi Adeosun plans to travel to China next week, aiming to negotiate a loan of up to $2 billion to help fund record budget spending, financial and government sources said on Wednesday.
They also said Nigeria – which is suffering its worst economic crisis for decades – has shelved plans to meet investors about returning to commercial borrowing on the Eurobond market.
One Nigerian government official told Reuters that any loan agreed during Adeosun’s trip could be signed by President Muhammadu Buhari in Beijing next month.
“The finance minister, in the company of the central bank governor, is scheduled to be in China sometime next week to conclude negotiations on the $2 billion loan,” said the official, who asked not to be named. Read full exclusive on NYTimes