ANNOUNCEMENT

Worship with us @ Mountain of Fire Miracles Ministries, Budapest, Hungary Address: 1081 Bp II János Pál Pápa tér 2 (formerly Köztársaság tér) Direction: From Blaha, take tram 28, 28A, 37, 37A, 62...1 stop. From the traffic light cross to the other side... Or take Metro 4 & get off @ János Pál Pápa tér
Time of worship: Wednesdays @ 18:30 hr Sundays @ 10:30 hr
Tel: +36 203819155 or +36 202016005

God bless


Thursday, 4 July 2013

NEWS






Nigeria to sign off on $3 billion in Chinese loans
  By Joe Brock and Felix Onuah


Finance minister Okonjo-Iweala
ABUJA (Reuters) - Nigerian President Goodluck Jonathan will travel to China next week to sign off on $3 billion in Chinese loans to build infrastructure in Africa's most populous country, the finance minister said on Wednesday.


The agreed loans will come from the Chinese government and will be based on interest rates of less than 3 percent over a 15-20 year period, Minister of Finance Ngozi Okonjo-Iweala said.

The deal underscores increasing Chinese interest in Africa and its resources - Nigeria is the continent's top oil producer - in competition with Western powers.
Okonjo-Iweala estimates Nigeria needs $10 billion a year of investment to improve infrastructure like roads and electricity to keep up with a rapidly growing population, already some 170 million, and to sustain economic growth at around 6-7 percent.
U.S. President Barack Obama launched a $7 billion initiative on Sunday to help Africa with electricity shortages but this is dwarfed by the $20 million in loans China has promised the continent. Obama did not visit Nigeria.
"We know that China fuelled its growth by really keeping one step ahead in terms of infrastructure ... we need roads, we need power, we need help on aviation, agriculture," Okonjo-Iweala told Reuters at the presidential villa in the capital.
China has made a string of cheap loans in the past few years to countries in Africa, a continent which supplies oil and raw materials like copper and uranium to the world's most populous country and second-largest economy.
The loans to Nigeria include $500 million to build airport terminals in Lagos, Abuja, Port Harcourt and Kano; and over $700 million to build a hydroelectric power plant in Niger State.
It also includes $600 million to build a light railway in the capital Abuja, most of which has already been invested on a project due to be completed early next year.
Lending at below market rates to fund infrastructure projects using Chinese firms has enabled Beijing to cement relationships in Africa while subsidising its construction industry.
Nigeria's central bank governor Lamido Sanusi warned African governments in March that China's pursuit of raw materials and markets for its manufactured goods on the continent carried "a whiff of colonialism" similar to that introduced by Europeans in centuries past.
"I'm not of the school that says 'look this is colonialism' ... We should be open to whoever wants to invest and help us finance our needs," Okonjo-Iweala said.
The loans are part of a $7.9 billion external borrowing plan approved by Nigeria's national assembly last year as government seeks to up cheaper external borrowing and limit domestic debt.
Okonjo-Iweala said the delegation travelling to China on July 7 would also be discussing China's interest in oil from Nigeria, an OPEC member and Africa's top producer.
"They want more oil and gas ... we have something they want now and they have something we want, so you have grounds for negotiations," Okonjo-Iweala said.
With the discovery of shale oil and gas in the United States, Nigeria is losing its biggest customer and looking for new buyers. India has been increasing its imports from Nigeria.

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Editor's Mail

Love the article on Gaddafi
We must rise above tribalism & divide & rule of the colonialist who stole & looted our treasure & planted their puppets to lord it over us..they alone can decide on whosoever is performing & the one that is corrupt..but the most corrupt nations are the western countries that plunder the resources of other nations & make them poorer & aid the rulers to steal & keep such ill gotten wealth in their country..yemen,syria etc have killed more than gadhafi but its not A̷̷̴ good investment for the west(this is laughable)because oil is not in these countries..when obasanjo annihilated the odi people in rivers state, they looked away because its in their favour & interest..one day! Samosa Iyoha

Hello from
Johannesburg
I was amazed to find a website for Africans in Hungary.
Looks like you have quite a community there. Here in SA we have some three million Zimbabweans living in exile and not much sign of going home ... but in Hungary??? Hope to meet you on one of my trips to Europe; was in Steirmark Austria near the Hungarian border earlier this month. Every good wish for 2011. Geoff in Jo'burg

I'm impressed by
ANH work but...
Interesting interview...
I think from what have been said, the Nigerian embassy here seem to be more concern about its nationals than we are for ourselves. Our complete disregard for the laws of Hungary isn't going to help Nigeria's image or going to promote what the Embassy is trying to showcase. So if the journalists could zoom-in more focus on Nigerians living, working and studying here in Hungary than scrutinizing the embassy and its every move, i think it would be of tremendous help to the embassy serving its nationals better and create more awareness about where we live . Taking the issues of illicit drugs and forged documents as typical examples.. there are so many cases of Nigerians been involved. But i am yet to read of it in e.news. So i think if only you and your journalists could write more about it and follow up on the stories i think it will make our nationals more aware of what to expect. I wouldn't say i am not impressed with your work but you need to be more of a two way street rather than a one way street . Keep up the good work... Sylvia

My comment to the interview with his excellency Mr. Adedotun Adenrele Adepoju CDA a.i--

He is an intelligent man. He spoke well on the issues! Thanks to Mr Hakeem Babalola for the interview it contains some expedient information.. B.Ayo Adams click to read editor's mail
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