Nigeria Abandons Chinese Financing for Railroad Project PIUS UTOMI EKPEI/AFP via Getty Images The Premium Times of Nigeria reported Friday that the Nigerian government has decided not to borrow any more money from China for railroad construction, apparently because the Nigerians are growing nervous about their $3.4 billion in debt to Chinese banks and were reluctant to add another $14.4 billion to complete several large railroad projects. “We’ve moved away from China in some of our projects,” Nigerian Transportation Minister Rotimi Amaechi said last week, adding that the finance ministry is seeking alternative funding arrangements with Standard Chartered, a British-based multinational finance company that has been doing business in Nigeria for 22 years.