Nigeria has borrowed N106 billion from China to develop 11 of the 22 airports in the country. This was made known by the minister of aviation, Princess Stella Oduah on Thursday [Sep 6] at a press conference.
She said the first batch of 11 airports being remodeled have reached 80 percent completion and will soon be put to use.
Oduah said five of the airports will be for cargoes while the remaining six will be developed into modern commercial airports.
The contracts for the construction of the five airports have a lifespan of 24 months. The projects are to be executed with a concessionary loan of 22 years with 5 years moratorium at an interest rate of 2 percent.
The minister will soon be going to China to sign the loan agreement.
She said the first batch of 11 airports being remodeled have reached 80 percent completion and will soon be put to use.
Oduah said five of the airports will be for cargoes while the remaining six will be developed into modern commercial airports.
The contracts for the construction of the five airports have a lifespan of 24 months. The projects are to be executed with a concessionary loan of 22 years with 5 years moratorium at an interest rate of 2 percent.
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“Mobilization to site by the contractors is expected to commence within 90 days. What this means is that before the end of the lifespan of this administration, we would have been able to bequeath to Nigerians the airports of their dreams", she said.
The minister will soon be going to China to sign the loan agreement.
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