LAGOS, Nigeria, Nov. 6 (UPI) -- South Korea and Nigeria will modernize the African country's railroad system in a wide-ranging, $10-billion venture, Yonhap said Monday.
Seoul will offer long-term, low-interest commercial loans to Abuja and have its companies take part in the second phase of Nigeria's railway modernization program.
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In exchange, Nigeria will transfer stakes in an operational oil field to South Korea.
Oil-rich Nigeria is moving to update its extensive rail system by allocating $35 billion in the four-phase endeavor, of which the deal with Seoul is a part.