China has granted the Nigerian government an “advance” of 400 million dollars on its next crude oil sales, which should start in May 2024.

The advance granted to Niger will be used to finance projects in the areas of security, agricultural development and health. Indeed, the Prime Minister of Niger, Ali Mahaman Lamine Zeine, and the president of the China National Petroleum Corporation (CNPC), Zhou Zuokun, signed three agreements on the “joint marketing of crude oil” in Niamey on Friday afternoon in Niamey. One of the agreements concerns a “contract for the payment of an advance of 400 million dollars on Niger's share of crude oil”. This advance will be repaid using crude oil revenues over a period of 12 months and with an interest rate of 7%. At the end of the signing ceremony of the agreements with the Chinese side, the Nigerian Prime Minister indicated that these funds will be managed “transparently” and will go “primarily to the defense and security” of the country