Completed Mixed AidData Chinese Aid

China Eximbank provides $500 million preferential buyer’s credit for Nigeria Four Airport Terminal Expansion Project (Linked to Record ID#85965, #86025)

$500K USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Nigeria
Country	Nigeria
Start Date	Jul 10, 2013
End Date	Sep 13, 2031
Duration	6,639 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`30341`

Grant Description

China Eximbank provides $500 million preferential buyer’s credit for Nigeria Four Airport Terminal Expansion Project On July 10, 2013, China Eximbank and the Government of Nigeria signed a $500 million preferential buyer’s credit (PBC) agreement for the Nigeria Four Airport Terminal Expansion Project (Abuja, Kano, Lagos, and Port Harcourt).

📋 Loan / Grant Terms

📅 Maturity20 years

⏳ Grace Period7 years

💹 Interest Rate2.5%

The final maturity date of the loan is September 21, 2034.

As of December 31, 2020, Nigeria’s Debt Management Office (DMO) reported that the China Eximbank loan had achieved a 91.06% disbursement rate ($455.28 million) and the borrower had made interest repayments worth $46.42 million and no principal repayments to the lender. As such, the loan’s (principal) amount outstanding, as of December 31, 2020, was $455.28 million.

The Nigeria Four Airport Terminal Expansion Project involved the expansion of four airport terminals in Abuja, Kano, Port Harcourt, and Lagos (Abuja International Airport, Port Harcourt International Airport, Murtala Muhammed International Airport, and Mallam Aminu Kano International Airport).

The new terminal of Abuja International Airport (also known as Nnamdi Azikiwe International Airport, or NAIA) covers an area of 56,000 square meters and is connected to the Abuja City Railway via a 60-meter-long air corridor.

It has 66 check-in counters, 5 baggage carousels, an immigration check-in port, and 16 departure immigration checkpoints.

The new terminal at Murtala Muhammed International Airport consists of 66 check-in-counters, 16 immigration desks at arrival, 28 immigration desks at departure, 8 security screening points, 6 passenger boarding bridges (out of which 2 has already been installed), 2 food courts, 4 premium lounges, 22 guest rooms and spa, 16 airline ticketing offices, a visa on arrival and port health facility, a praying area, more than 3,000 square meters of duty-free space, and approximately 5,000 square meters of lettable utility space.

Upon completion, it was envisaged that the four expanded airport terminals will increase passenger capacity from 20 million to 50 million and increase jobs from the 60,000 to 1.5 million employees. China Civil Engineering Construction Company (CCECC) is the contractor responsible for implementation.

Construction began on or around February 13, 2014. The new terminal at Port Harcourt International Airport was delivered on October 25, 2018. The new terminal of Abuja International Airport was delivered on December 12, 2018. The new terminal at Mallam Aminu Kano International Airport was completed in November 2019.

The new terminal at Murtala Muhammed International Airport in Lagos was completed and officially inaugurated on March 22, 2022.

Due to faults in the original construction of the terminals and other factors, the Nigerian Government requested additional funding for terminal construction activities from China Eximbank.

On December 27, 2019, China Eximbank and the Government of Nigeria signed two additional PBC agreements: a $208,905,161.50 PBC for the Four Airport Terminal Expansion Project Incremental Project (captured via Record ID#86025) and a $183,621,056.89 PBC for the Four Airport Terminal Expansion Project Ancillary Project (captured via Record ID#85965).

📋 Loan / Grant Terms

⏳ Grace Period7 years

💹 Interest Rate2.75%

The final maturity date of each PBC is September 21, 2033.

As of December 31, 2020, nether the $208,905,161.50 PBC nor the $183,621,056.89 PBC had disbursed and the borrower had not made any interest or principal repayments to the lender.

📋 Staff Comments

This project is also known as the 4 Airports Terminal Expansion Project. The Chinese project title is 建的尼日利亚4座航站楼 or 四个机场航站楼项目 or 阿布贾航站楼 or 拉各斯航站楼 or 哈尔科特航站楼 or 卡诺航站楼.
In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it does not record the grace period for this loan. AidData records the grace period (7-years) that is reported by Nigeria’s Debt Management Office (DMO) in its ‘Loans Obtained from China Exim As At December 31, 2020’ publication.
In the sources from Global Factiva, there are issues from the Mezzanine Clause of the deal. These issues have prevented the Lagos and Kano airports from being completed and have contributed to rising tensions between the Nigerian Federal Government and the Chinese Government.

📚 Sources & References

ABUJA LIGHT RAIL
NEW AIRPORT TERMINALS TO BE COMPLETED BY 2015
Update on LOAN FACILITY FOR ABUJA LIGHT RAIL
NEW AIRPORT TERMINALS AND GALAXY BACKBONE
FG secures $1.1bn loan from China
Chinese firm to build 4 airport terminals in Nigeria
Nigeria: President Jonathan Finalises U.S.$1.1 Billion Loan Deal With China
Jonathan To Lay Foundation For Airport Terminal
Construction of five(5) new Terminal Buildings
CCECC Plans U.S.$1 Billion Investment in Cement Factory
Tin Can Port
Oduah - Why FG Is Seeking U.S.$500 Million Loan for Aviation Sector
Chinese company to deliver 4 Nigerian int'l airport terminals in 20 months
Republic of Nigeria 2017 Bond Prospectus
阿布贾机场航站楼将在四周内投入使用
阿布贾机场新航站楼每年将发送旅客1500万人
阿布贾纳姆迪·阿齐基韦国际机场新航站楼举行启用仪式
驻尼日利亚大使周平剑出席阿布贾国际机场新航站楼启用仪式
Chinese Firm Completes Nigeria Airport Terminal
Enugu Airport will be completed by April 2020
FG
EXTERNAL LOANS SIGNED BUT PARTIALLY DISBURSED AS AT DECEMBER 31, 2019
This terminal is so beautifully built
Four terminal expansion projects in Nigeria
尼日利亚总统出席中国公司项目启动仪式
The new terminal in Abuja
Nigeria, contracted by a Chinese company officially opened
China Earth Nigeria Limited
中土公司承建的尼日利亚4座航站楼陆续开工
The new terminal of Port Harcourt
Nigeria, constructed by a Chinese company, officially opened
驻尼日利亚大使周平剑就中尼高质量共建“一带一路”发表署名文章
Check Out The New Look Of Kano International Airport Terminal That Pres Buhari Will Commission Soon - PHOTOS
President Buhari Commissions New 15m Passenger Capacity Terminal At Abuja Airport
Sirika Inaugurates New GAT Terminal At Kano Airport
FG approves N1bn for works on Enugu Airport terminal
The state of CCECC's Airport Terminals in Nigeria
Total power outage at Lagos International Airport
Nigeria opens new airport terminal, moving toward regional air transportation hub
Nigeria
China to repair faulty new terminals with extra N140.8b
尼日利亚政府从中国进出口银行获得11亿美元贷款
Nigeria's Actual External Debt Service Payments in Fourth Quarter, 2018 in Thousands of USD
Status of Loans Obtained from China Exim As At March 31_2020
Nigeria: Uncertainty As Lagos Airport Terminal Project Stalls
Contractor Abandons Work
Lagos Airport awaits Chinese terminal two years after delivery date
Nigerian president commissions Chinese-assisted airport terminal in economic hub
Nigeria President Buhari to commission new Chinese-built terminal at Lagos airport
President Buhari’s Address at the Commissioning of the New International Terminal of Murtala Muhammed Airport
Lagos
Former FAAN Heads
Others Oppose Airports' Concession
FG's Airports Concession Plan In Murky Waters
Ambassador Cui Jianchun Attends the Opening Ceremony of the New Terminal at Lagos International Airport
Lagos new airport terminal ready Feb, $500m Chinese Debt Sparks Confusion In Airport Concession
Ex-MDs Of FAAN Expose Secret Clause In Agreement
Loans Obtained From China Exim
December 31, 2020, 2015 Annual Report and Statement of Accounts
Actual External Debt Service Payments
January to December, 2016
Actual External Debt Service Payments
January to December, 2017
Actual External Debt Service Payments
January to December, 2018
Actual External Debt Service Payments
January to December, 2019
Actual External Debt Service Payments
January to December, 2020
Actual External Debt Service Payments
January to December, 2021
Actual External Debt Service Payments
January to December, 2022
Actual External Debt Service Payments
January to December, 2023
Actual External Debt Service Payments
January - March, 2024
Loans Obtained From China Exim
March 31, 2020
Loans Obtained From China Exim
September 30, 2021, 2016 Annual Report and Statement of Accounts, 2017 Annual Report and Statement of Accounts, 2018 Annual Report and Statement of Accounts, 2019 Annual Report and Statement of Accounts
External Loans Signed But Yet to be Disbursed
December 31, 2020 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.