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Buhari's Visit To China Yields Billions In Investments For Nigeria

Source: pointblanknews.com
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President Muhammadu Buhari has expressed satisfaction with the outcome of

his working visit to China, which has yielded additional investments in

Nigeria exceeding $6 billion USD.
President Buhari believes that the several agreements concluded with the

Chinese during the visit will have a huge and positive impact on key

sectors of the Nigerian economy including power, solid minerals,

agriculture, housing and rail transportation.
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 Shiriro, Niger State.

In the solid minerals sector, Granite and Marble Nigeria Limited and

Shanghai Shibang signed an agreement valued at $55 million for the

construction and equipping of granite mining plant in Nigeria.

A total of $1 billion USD 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 $250 million deal

to develop an ultra modern 27-storey high rise complex and a $2.5 billion

agreement for the development of the Lagos Metro Rail Transit Red Line

project.
Other agreements announced and signed during the visit include a $1

billion for the establishment of a Hi-tech industrial park in

Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

Furthermore, the Ogun-Guangdong Free Trade Zone and CNG (Nigeria)

Investment Limited also signed an agreement valued at $200million for the

construction of two 500MT/day float gas facilities.

An agreement valued at $363 million 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 $500 million project

for the provision of television broadcast equipment and a $25 million

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.
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