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Nigeria explores American loans for infrastructure financing

Nigeria plans to explore the United States government’s International Development Finance Corporation (DFC) in sourcing fund for its infrastructural development.

The Minister of Information and Culture, Alhaji Lai Mohammed, made this known on Saturday in Washington after a meeting with Mr. Johnnie Carson, a Senior Advisor at the United States Institute for Peace.

The DFC is the development finance institution of the U.S. federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries.

Speaking with News Agency of Nigeria (NAN) after the meeting, the Minister said the decision was sequel to the suggestion by Carson, a former U.S. Assistant Secretary of State for African Affairs.

“In my brief, I explained to Ambassador Carson that it will appear most of the infrastructural development in Nigeria today, is being funded by either a loan and facility and I can see that the U.S. is missing out.

“He responded that there is good news because the last administration approved the DFC which only guarantees loans for developing countries.

“ He said DFC also go further to make funding available for certain projects in developing countries and even allow them to take equity in funding of some projects.

“So, I told him we are going to pursue this. I will discuss this with my colleague, the Minister of Finance because what the ambassador is saying is that this is another opportunity we need to explore,’’ he said.

The Minister said the meeting with the U.S. diplomat who had served as his country’s ambassador to several African nations afforded him the opportunity to present a number of social, economic and security issues relating to Nigeria.

“I presented what progress we have made in the area of fighting banditry, insurgency, COVID-19, corruption and correct the fake news that Muslims are persecuting Christians.

“To him, it was like preaching to the converted because he has broad knowledge about Africa, Nigeria in particular,’’ he said
The Minister also held a closed-door meeting with Dr. Peter Pham, a distinguished Fellow of the Atlantic Council, a think-tank.

The Minister said the meeting with Pham, former President Trump’s Special Envoy to the great Lake Region of Africa, was productive.

“We had a very useful and fruitful discussion and we were able to put across to him our narratives on security, COVID-19, Twitter ban, economy and how well we are doing in the area of infrastructure.

“We debunked the negative and fake stories about persecution of Christians by Muslims,’’ he said.

The Minister said Pharm made very useful suggestions which would be followed up.

The Minister is in the U.S. to engage with various global media outlets, global think-tanks and influencers.
He also held interviews with the BBC Radio and Television, Reuters, Bloomberg, Washington Post, Politico and Voice of America, Radio and Television. 
The engagements are to enable the Minister put across the correct narratives about what is happening in Nigeria, showcase government achievements and present challenges facing the country.

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1 comment

Ezekiel Okeke August 23, 2021 at 21:00

Defeated fulani criminals from Guinea knows they’re going, as a result looted the treasury, looted borrowed money, borrowing indiscriminately, printing Naira like Bread label to leave this territory natives under debt bondage.

Interim governments of the six sovereign states must establish embassy in Russia Federation etc. of Southern Countries Union now to coordinate military and diplomatic operations for their sovereign states.

Any geopolitical zone which fail to establish interim government of their sovereign state now with military, police etc. to defend territorial borders of their sovereign state, fix their lands and economies, won’t survive this 2021. Only the Sword decides.


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