News in Brief

Debt Free at Last

At long last on the 29 April 2006, Nigeria, repaid its final debt instalment of $4.5 billion to the Paris club. Nigeria now has a credit rating of “BB” according to Standard and Poor and is seeking to attract foreign investors to work on its rich natural resources and vast infrastructure. China already seems to be in the lead having set up 30 companies solely or as joint ventures and has recently invested $4billion in oil and infrastructure, including building of new railway networks, power stations, low cost housing and shopping malls, and it also has a controlling stake in the Kaduna Refinery. China has signed several agreements with Nigeria over the last few years and appears to be in for the long haul!