Foreign relations of Nigeria bilateral relations Delimitation of international boundaries in the vicinity of Lake Chad, the lack of which led to border incidents in the past, has been completed and awaits ratification by Cameroon, Chad, Niger, and Nigeria; dispute with Cameroon over land and maritime boundaries around the Bakasi Peninsula is currently before the International Court of Justice; maritime boundary dispute with Equatorial Guinea because of disputed jurisdiction over oil-rich areas in the Gulf of Guinea. The Federation of Nigeria became independent from the United Kingdom in 1960 with Queen Elizabeth II as Queen of Nigeria. Nigeria became a Commonwealth republic in 1963,
Niger River Fund. The World Bank approved a US$500 million soft loan in July 2007 to finance projects in the basin over a 12-year period. Funding will be awarded in two phases. The initial $185 million credit will go to Nigeria, Guinea, Benin, Mali and Niger. The second, $315 million investment, is slated for Burkina Faso, Cameroon, Chad and Ivory Coast. Besides financing the rehabilitation of dams in Nigeria, the loan will also fund the "sustainable management of selected degraded ecosystems and rehabilitation of small water infrastructure" and capacity building. In September 2009, the Nigerian government commenced a 36 billion naira dredging