Three companies from Nigeria and China have signed an agreement aimed at helping Nigerian businesses access financing for the importation of machinery, equipment and other productive assets from China. The Tripartite Cooperation and Market Development Agreement on Nigeria Import Trade Financing and Supply Transactions was signed in Abuja by Zhengzhou Youngshell International Supply Chain Management Co. Ltd, Megavalues Integrated Services Ltd and CUSH Promotions Ltd. The agreement is expected to connect qualified Nigerian importers, manufacturers, businesses, educational institutions and government establishments with Chinese manufacturers, suppliers and financial institutions. Under the arrangement, participating Chinese lenders may provide financing at indicative interest rates of between five and eight per cent annually, with repayment periods ranging from about three months to five years or longer.
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