Sinosure offers US$50 bln export credit guarantees to Nigeria

China has offered export guarantee facilities worth up to US$50 billion to encourage investment in Nigeria's infrastructure sector through the country's export credit guarantee agency Sinosure, sources reported.

Sinosure had offered US$40 billion to US$50 billion of its facilities to help fund projects in Nigeria over the next three years, the Financial Times cited Shamsuddeen Usman, Nigeria's finance minister, as saying.

The move will encourage more Chinese companies to invest in African infrastructure on a commercial basis, according to Nigerian officials. It was also noted that the two sides had started talks about possible Chinese investment in Nigerian refineries or petrochemicals plants, which may allow China access to the oil blocks in Nigeria.

The offer was in line with China's continuous effort of securing more energy resources in the country, sources said.