President's China trip yields over $6bn investments

dimeji akinloye

April 15, 2016 9:51 PM

Buhari believed that the agreements concluded with the Chinese during the visit would have a huge and positive impact on key sectors of the Nigerian economy.

President of the Federal Republic of Nigeria, Muhammadu Buhari (L) and Chinese President, Xi Jinping shake hands during a signing ceremony at the Great Hall of the People in Beijing, April 12, 2016. REUTERS/Kenzaburo Fukuhara/Pool

President Muhammadu Buhari has said that his one week official visit to China has $6 billion in investment for Nigeria.

This was disclosed in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Friday, April 15.

According to Shehu, the President believed that the agreements concluded with the Chinese during the visit would have a huge and positive impact on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.

He said: “In the power sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 for the construction of 300 Mega Watts solar power in Shiroro, Niger State.

“In the solid minerals sector, Granite and Marble Nigeria Limited and Shanghai Shibang signed an agreement valued at $55m for the construction and equipping of granite mining plant in Nigeria.

“A total of $1bn is to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached by the Infrastructure Bank and Sinohydro Corporation Limited.

“For the housing sector, both companies also sealed a $250m deal to develop an ultra modern 27-storey high rise complex and a $2.5bn agreement for the development of the Lagos Metro Rail Transit Red Line project."

READ: Why Buhari is borrowing money from China - Lai Mohammed

Shehu said other agreements announced and signed during the visit included the establishment of a Hi-tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

He added that the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at $200m for the construction of two 500MT/day float gas facilities.

“An agreement valued at $363m for the establishment of a comprehensive farm and downstream industrial park in Kogi state was also announced at the Nigeria-China business forum.

“Other agreements undergoing negotiations include a $500m project for the provision of television broadcast equipment and a $25m facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.

“About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum which took place a day after President Buhari began his visit to China,” Shehu added.

The minister of foreign affairs, Geoffrey Onyeama, had revealed that China during the visit, China offered Nigeria a $6b loan to fund projects on infrastructural development.

dimeji akinloye