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Nigeria President Asks for $7.9B Pipeline Project

Wed, 02/15/2012 - 5:11am
the Associated Press

ABUJA, Nigeria (AP) — Nigeria's president has asked lawmakers to approve a plan to borrow $7.9 billion for a pipeline project in the oil-rich nation.

In a letter received Tuesday at the National Assembly, President Goodluck Jonathan asks the Senate president to work toward approval of the plan for pipeline construction through 2014.

It was not immediately clear whether the construction would be for natural gas or oil pipelines in Africa's top crude producer. A spokesman for the state-run Nigerian National Petroleum Corp. declined to immediately comment.

The letter said the loan would come from the World Bank, the African Development Bank, the Islamic Development Bank, Exim Bank of China and Indian lines of credit.

OPEC member Nigeria pumps on average 2.4 million barrels of crude oil a day and is a top supplier to the U.S.

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