Nigeria to give China oil rights for investment

Nigeria will give China four oil drilling licences in exchange for a commitment to invest $4 billion in infrastructure in a deal to be signed during a visit by President Hu Jintao on Wednesday, a Nigerian official said.

Analysts said the deal would be a good fit for the two giants of Asia and Africa. China, the world’s most populous nation, needs more imported oil to fuel its rapidly growing economy. Nigeria, Africa’s most populous nation but also one of the world’s poorest, needs infrastructure to speed development.

Reuters