Nigeria to get $1 billion infrastructure loan from China

Abuja - Minister of Finance Ngozi Okonjo-Iweala says President Goodluck Jonathan will finalize $1.1 billion in low-interest loans for much-needed infrastructure in Nigeria during his trip to China. The money will be used for upgrade of airports, roads, a hydropower plant and others.

She told The Associated Press she is also looking for Chinese investment and increased trade with Nigeria.

She also said "China is desirous of increasing its lifting of Nigerian oil." The petroleum minister is among senior Cabinet members on the trip along with several state governors.

She said as U.S. demand for Nigerian oil has fallen, India and China have taken up the slack.

Okonjo-Iweala said the loans are part of $3 billion approved by China at interest rates less than 3 percent.

She leaves with Jonathan Monday night for the four-day visit starting Tuesday.