The money would help build roads, airport terminals in four cities, and a light-rail line for Nigeria's capital.
The deal was struck during Nigerian President Goodluck Jonathan's meeting with Chinese President Xi Jinping in Beijing on Wednesday.
Mr Xi said both countries had been brought together by a common task of pursuing national development.
"As a proverb of Nigeria reads: 'A man cannot sit down alone to plan for prosperity,'" he is quoted as saying.
Mr Jonathan is leading a business delegation on a four-day trip to China to boost ties between the two countries.
Chinese companies are already building roads across Nigeria in contracts worth $1.7bn.
China's demand for crude oil produced in Nigeria is expected to rise tenfold to 200,000 barrels a day by 2015, Nigerian officials said.
Source : BBC
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