Nigeria has approached Standard Chartered Bank for funding of two rail projects, its Transport Minister Rotimi Amaechi said on Wednesday, after delays from Chinese lenders.
President Muhammadu Buhari has made upgrading transport networks and improving outdated power grids the pillar of his administration, with a view to boosting agriculture and other non-oil industries to cut dependence on dwindling crude revenues. But funding has been a major constraint.
Its parliament last year approved several billions of dollars in project-tied loans from the Chinese and other international lenders but funds have yet to materialize.
